SaaS technology is everywhere, thanks to its ability to save companies significant time and money. According to
Additionally, the digital insurance industry's growth continues to explode, making insurance increasingly more accessible. This technology transformation is one of the top priorities for insurance carriers that want to accelerate a
1. Does the solution go beyond a one-size-fits-all?
As we live in a "sell-buy" world, tech providers often have multiple sets of technology they want to sell to prospective customers. However, a partner must understand the needs of your specific business and be able to deliver beyond a standardized, generic solution. If you're looking for a tech partner, find the one that can enable your strategy, tailor their technology to your business model, and grow with you and your evolving needs.
Solutions should be customizable and scalable with a direct path to a long-term partnership. A company will have proven success with its customers and want to use that to grow with you toward the desired outcomes. Similarly, it is critical to understand your partners' technical nuances of processes they will face, like underwriting solutions or firing an application on all systems. The right partner will see beyond trying to fit a diverse company into the confines of an existing model or platform and be able to solve your needs instead of strictly selling their product.
2. What are the partner's technological capabilities?
With the right technical solutions, a systemic approach can alleviate challenges experienced by a business. According to a recent survey by
Take a tour of their already-launched technology and test the end-user experience. Do you find the product easy to navigate? Is it enjoyable to use or more of a burden? Don't be afraid to ask questions to understand the tech. It is important to remember to know if the program is built modularly, the type of data fields available, and how easy it will be to integrate with the business' existing technology. Ensure the right people are in the room to ask those questions.
3. Do you have chemistry?
Tech implementation can become easier when both parties understand one another. For instance, you must be able to tell immediately whether a test worked. You will need to measure outcomes and judge experiments based on data. A partner should have expertise in your business area and communicate aligned incentives.
To dive deeper into a relationship, go beyond the everyday. Spend some time with a potential partner just as you would with a friend or co-worker—get to know them to further your working relationship. You can also explore a company's history with its previous partners through professional platforms like LinkedIn. Ask around about their collaborations and communication. You want the culture between the two companies to jell and know that you're committing to multiple years of working with their team with a sense of excitement.
For those in the