INSURERS CALL FOR AN
By Craig Weber
Insurance Practice Lead, Celent
Thinking about your choice of
preferred vendors, which factor
has the strongest influence?
PRIMARY DRIVERS OF PREFERRED VENDOR STATUS (%)
This year’s crop of VIP
winners have blended style
and substance to meet the
changing technology demands
of their client base, and
create successful business
partnerships in the process.
How do the following factors impact
your choice of preferred vendors?
THE OVERALL VENDOR EQUATION (%)
The overall value
equation (the business
value we get for the
money we pay)
The product they offer
The people behind
their product (their
Carriers and their software and services vendors both face a daunting set of
challenges. The insurance industry is in a constant state of (hopefully) productive
upheaval. The pressures on project efficiency and costs ratchet up each year.
Technology is helping raise the bar on carrier flexibility and performance. But
delivering on the promise of technology requires consistent and disciplined
teamwork between carriers and vendors.
That’s why a discussion of vendor performance is critical. Achieving “favorite
vendor” status is not a goal unto itself, but rather is a sign that carrier and
vendor needs have been aligned. The concept of favorites implies that not all
vendors are created equal, and that carriers recognize differences in vendor
Stability of vendor
Long-term partnership potential
Perfect functionality/service fit
� Absolute Must Have � Near Must Have � Nice-To-Have
Please share any advice you