Streamlining the Insurance Solutions Sales Process: How Not to Lose a Prospect

by Catherine Stagg-Macey, May 7, 2009
Vendor Reviews
Global, Asia-Pacific, EMEA, Latin America, North America

Abstract

Insurance software sales continue to grow, and insurance CIOs generally see leveraging software vendor packages and components as an integral part of their strategies, but new sales are undoubtedly harder to close than a year ago. With all this pressure, it is important for vendors to re-evaluate their sales process.

Technology vendors are an important part of the insurance IT ecosystem, and technology plays an increasingly important role in supporting insurers’ operations. Vendors report high levels of interest in RFIs from insurers, but decision cycles are protracted, and governance procedures have been tightened. In a new report, Streamlining the Insurance Solution Sales Process, Celent offers tips and techniques to providers of core insurance software on how to ensure they put their best foot forward in the sales process.
 
"Celent has been struck by some of the differences between vendors when they present their solutions to their clients and ourselves," says Catherine Stagg-Macey, senior analyst with Celent’s Insurance Group and coauthor of this report. "We’ve seen some great examples of best practice in the sales process, but we’ve also witnessed some shocking examples. The idea of this report is to encapsulate our experience and help vendors lift the bar on their game."

"While the advice within this report is aimed at solution vendors, there are clear corollaries that should be useful to buyers of these solutions. If, as an insurer, you’re not being treated in a way that is consistent with this report, you may have reason to question what you're being shown," adds Jeff Goldberg, senior analyst and coauthor of the report.

This report focuses on interactions with potential customers who have expressed some interest in the solution/product/vendor. Celent draws on extensive experience in evaluating core systems in the insurance market around the globe. The report offers pointers aimed at improving key aspects of the sales process for both insurers and vendors.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

 

Sign in to download reports and access personalized information