By Catherine Loftus / Head of Growth Marketing, Nuon AI
In organisations large or small, there is a universal truth – resources are finite. While there is often no shortage of ideas of how new growth can be uncovered, what there is a shortage of is time.
The answer to this problem is to collaborate with carefully selected technology providers who can deliver new innovation without disrupting business-as-usual tasks and core projects. Deployed correctly, this additional layer can enable insurers to break free from seemingly endless engineering backlogs and transform their offering.
Having sat on both sides of the table as the client during our time scaling an insurtech, and as the partner in building technology solutions for the insurance industry, we’ve learned a thing or two about successful projects.
While cost is often a leading factor in the decision-making process when selecting a new technology partner, the key to a successful partnership is far more nuanced. With the backing of a solid business case, teams can look beyond the budget to ensure the fit is really right.
Here are some broader considerations to add to your checklist when evaluating a potential partner, to avoid common pitfalls that can hamper the delivery of growth and innovation projects.
Choose relevant experience over size
When initially researching possible partners, it’s likely you will come across organisations both small and large in size. While the larger outfits may have a flashier website and instantly-recognisable logos on their homepage, smaller providers are often able to be more agile and responsive to your needs.
Try to peel back the layers to determine exactly who you would be working with post-sales conversations, and how the team’s experience and background aligns with your needs. At Nuon AI, we build relationships with customers that remain in place throughout your entire journey with us, and you’ll be working directly with those who have built our AI product from the ground up.
Is there cultural alignment?
The tech may tick all the boxes, but bear in mind that an outsourced partner becomes an extension of your team. If things go well, you may be working with this partner for years to come and certainly during the implementation phases, communication needs to be frequent. It’s essential to ensure the cultural fit feels right, just as you would with any new hire.
During initial conversations, take note of the partner’s approach and communication style, and compare these against your own company values and behaviours.
CREATE A SHARED PROJECT VISION
Before diving in, ensure you are clear on your goals, timeline and deliverables to ensure the project achieves its aims. In our experience, a poorly defined scope and a mismatch in expectations are key reasons why projects fail.
Set yourself up for success from the outset by clearly defining your objectives internally and ensuring all stakeholders are on board. A technology partner should also take the time to understand your unique needs, pain points and objectives. After all, they are there to help solve these problems.
Managed correctly, partnering up with a solutions provider can seriously accelerate growth. If you are working on innovation projects in 2023 with strategic objectives to transform pricing strategy, we would love to explore if our real-time pricing AI could benefit your business.