With so much technology to choose from, the pressure has never been greater on insurers when finding the right solutions for their analytics projects. Building on Browne Jacobson’s informative MGA market briefing on IT procurement, Giroux’s experts have put together a list of seven essential tips to bear in mind for your upcoming analytics projects.

  1. Forget fads, think ‘effectiveness’.
    With so many new analytics cloud platforms offering a supposed wealth of benefits, it is all too easy to be fall for the latest trends and the promise of overnight success. More often than not, however, such solutions will be rigid, costly and will not stand the test of time. Instead, find a solution built specifically for your needs, ensuring it performs exactly as you want it to.
  2. Focus on sustaining value, not cutting costs.
    With large IT projects it is essential that they continue to generate value for years to come. So before investing in an out-of-the-box cloud platform, make sure that you fully understand the Total Cost of Ownership. Calculate how licensing costs will increase as you grow and ask yourself whether any potential cost savings today are worth the higher costs tomorrow.
  3. Fail to prepare, prepare to fail.
    The age old adage of Benjamin Franklin still rings true for any procurement process today. It seems like common sense but far too often requirements gathering is overlooked. Take a step back and ask yourself “Why are we doing this?” Consult experts in the field, complete industry benchmarking exercises and make sure you know the full range of options that are out there.
  4. For long projects, milestones are key.
    The design and deployment phase of some IT projects can be long and complicated, often lasting a number of months. Build milestones and acceptance criteria into the contract to ensure the project remains on track and up to standard.
  5. Build your own IP, not someone else’s. Intellectual Property is a valuable asset but all too often in IT deals the supplier is the only party building any IP. Research IT solutions that ensure your company is the sole proprietor of the IP; it will add value to your business for years to come, in ways you would never imagine possible.
  6. Where data is concerned, know the rules.
    Make sure that you and your supplier know the identities of both the Data Controller and the Data Processor, as each have separate regulatory obligations. Be aware also of potential complications arising from the aftermath of Brexit when handling data outside of the European Economic Area.
  7. Work on output, not promises.
    Build a host of Service Level Agreements into any IT contract, defining exactly what service you expect to receive. This means targets will be met and the supplier will have no excuse when it comes to delivering.

Committing to a large IT project is a daunting prospect for most decision-makers, especially when the project is seen as critical for the functioning of the business. All too often, companies have had their fingers burned by mounting delays and rising costs. By using these seven key tips in your next procurement process you should feel confident of acquiring a solution that is exactly right for your needs.