Over the course of this year, our team has held more than 250 briefing sessions with providers of technology solutions and services to insurers, an average of more than 1.5 per work day. Some of these briefings result in published profiles in our Novarica Market Navigator reports or our Prominent Providers series of executive briefs, or our recent review of InsureTech startups.
Not every briefing results in publication. Sometimes it’s just an opportunity to learn about new solutions that may be relevant to our more than 100 insurer clients; other times it’s a chance to do a deep dive on product or service details. But each briefing is documented and information is shared throughout our team to increase our overall knowledge and the perspective we can bring to our clients’ challenges.
Some of the trends we’ve seen in the provider marketplace this year include:
- Increased emphasis on SaaS and cloud offerings, primarily driven by the need to improve speed to market for clients (as well, no doubt, as the desire to create smooth recurring revenue!)
- More APIs and Microservices available for integration
- A greater emphasis on data and the ability to incorporate and support analytics
Of course, many solution providers continue to have challenges. Newer providers can have a tendency to get out over their skis, overpromising and undermanaging their customers. Older providers can have a tendency to get stuck supporting legacy clients and fail to innovate. Careful assessment of providers’ staff, organization, functionality, and technology is required to assess overall fit and potential value to an insurer.
If there’s a solution provider you’re interested in that you don’t see in our library, don’t hesitate to ask our client support team.
And if you’re a provider of solutions to insurer CIOs and their teams, don’t hesitate to contact our director of vendor research, Alex Effgen.
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