Large scale technology projects and pandemics have something in common—they can both be a drain on an organization’s culture. During challenging times like these, I am reminded of the value of having partners in this industry and the characteristics that make partnerships great.
Establishing genuine partnerships, especially those that help navigate rough waters, requires intention, leadership, discipline, and respect. Both parties require a level of engagement that nurtures the business relationship beyond the services or licensing contract.
By definition, a partnership is an arrangement where two parties agree to cooperate to advance their mutual interests. Looking out for one another’s interests is what differentiates partners from vendors and other forms of third-party relationships. It’s also what makes partnerships empowering—and challenging.
Most insurer CIOs consider at least one of their third-party solution providers to be a partner and can easily articulate the benefits that they reap from the relationship. However, the answer isn’t always as clear when considering the characteristics of the insurer that make them a great partner with the solution provider. Therein lies the challenge.
Some organizations believe they are entitled to the benefits of partnership just by paying the invoice. Make no mistake—there is a difference. Here are some questions and tactics to consider when seeking to establish a genuine partnership with a solution provider:
Leadership Alignment
- Does the executive team align on how they define a partner and the principles that guide commitments to a partner?
- Is there agreement on how the organization measures the success of a partnership?
- Are you intentional about leadership sharing the corporate vision, strategy, objectives, accomplishments, and failures with partners on an annual basis?
Employee Engagement
- Does everyone in the organization know who partners are, and why they exist?
- Do employees know when and how to engage the partner?
- How do employees contribute to protecting the mutual interest of the partnership?
Solution Provider Engagement
- Does the provider know you consider them to be a partner and what the relationship means to your organization?
- Have you jointly identified and communicated your mutual interests?
- Do the employees of the provider know that you recognize them as a partner and treat them as an extension of your team?
On more than one occasion, I’ve been asked why one insurer has been more successful than another when working with a given solution provider. Many variables define success, but the foundation of every success story is shaped around the partnership that allowed them to achieve what others could not with the same technology.
Establishing a culture of trust can differentiate you in the market and maximize your investment with solution providers. Now is an excellent time to consider what partnerships mean to you and how you contribute to the success of those you recognize as partners.
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