Purchasing an Insurance Software Product Versus Investing in a Partner: Which Is the Right Fit?

Learn why it’s important to look beyond a product and how to choose the right management platform vendor for your organization.

If you’re looking to support your health, benefits, and senior market insurance organization with a new management platform or AMS, you’re likely doing some in-depth research to find the right fit. 

While you may focus on the product or solution, it’s important to keep in mind that the company behind the software is equally, if not more, important. Let’s explore why looking beyond a product matters and how investing in a true technology partner can drive your business forward.

Purchasing a Product Versus Investing in a Partner

Have you ever bought a new product and almost immediately run into problems while using it? After searching online or through your manual, you’re still stumped, so you call customer service only to speak with a robot or automated system. It’s frustrating to say the least. 

Imagine a similar frustrating experience for every team in your organization as they try to use new management software without the right support or resources.

This is why the vendor you choose matters. 

When looking at vendor platforms, it’s essential to know it has the functionality your teams need. However, make sure you consider the partnership with the company behind the software. If you don’t, you might find yourself in one or more of the following exasperating situations:

• Having inadequate initial training to get up and running
• Lacking a quick way to reach a customer service representative with questions or issues
• Limited or no access to a knowledge base or academy resources when learning how to use all of the software’s capabilities

Instead, choose a solution that’s backed by a partner dedicated to supporting your organization.
 

The Benefits of Investing in a Software Partner

It’s normal to have fears when looking to purchase a new management platform. Common ones we hear:

• That a new software won’t solve what you had hoped it would
• That it will open you to security vulnerabilities
• That your new solution may cost much more than it’s worth
• That your team won’t use it or won’t integrate into their processes 

These are valid concerns, which is why it’s so important to vet your technology vendor. The right vendor can provide: 

• Data migration process management to ease the transition and help your team get set up 
• Efficient, helpful onboarding and training to equip your entire team
• Continued service and support throughout the partnership
• Security and software maintenance to keep your sensitive data safe
• Software enhancements designed for your industry, like compliance automation and tools
• Educational resources to help you learn more about management platform and insurance industry best practices so you stay ahead of the curve

Partnering with a vendor that’s dedicated to quality customer service can save you the headache of choosing the wrong software because you overlooked critical service factors. Plus, one that provides a true partnership can help you long-term as your organization evolves. 

At AgencyBloc, we provide all of the resources above and more to help your team work more efficiently and effectively. 

How To Find the Right Insurance Software Vendor 

The fast-paced nature of the insurance industry coupled with new and existing clients needing your expertise means you probably have limited time to research a new product or vendor partner. However, it’s better to thoroughly vet potential vendors now than to hastily choose a product only to find that it isn’t what you expected after you’ve paid the fees, signed a contract, and gone through onboarding. 

What can you do to ensure you do your due diligence researching software vendors?

Remember, you can find most of what you’re looking for with a little extra online research and the right vendor research resources. To help you, we compiled a list of our favorite resources:

• [Blog] Preparing For Technology Partnerships — Know Who and What's Behind The Curtain
• [Blog] What You Need to Know: The People Behind the Product
• [PDF] Beyond the Product Vendor Research Tool
• [Checklist] Questions To Ask During Your Sales Demo
• [Checklist] Agency Management System vs. CRM

As you research, look into information about the software vendor, like:

• Their history
• Number of employees and distinct departments
• Social media profiles and media/press
• Ratings and reviews about the vendor and their products

Then, schedule a demo to get a closer look into how the product really works. You want to feel confident about your software purchasing decision, and doing your due diligence can help ensure both the product and the people providing it are the right fit.

This blog was originally published on December 11, 2018, and has been most recently updated and republished on January 16, 2024.

Posted by Allison Babberl on Tuesday, January 16, 2024 in Insurance Agency Management System

1. vendor vetting