So, you're planning to ditch your legacy system and invest in new insurance software. Good move. And you want to be confident that the system you choose is the right fit. Smart. In fact, you'd be willing to wait longer for rollout if you were sure that once it did go live, it would fit like a glove.
Watch out. Breakers ahead.
What matters more: perfection or momentum?
When you're making software buying decisions (especially if you're not a technical person) it can be difficult to assess the pros and cons, the risks and opportunities that such a decision entails. When a vendor says that feature X is an important add-on, and so is feature Y, and Z, it's easy to get caught in the perfection trap: "Let's get this thing 100 percent right before we start relying on it."
Many of our competitors take a year (or often longer) to implement a new system. There's a reason for that. For some insurance software vendors, slow implementation is a profit strategy.
Unfortunately, many insurance clients set the stage for slow implementation and budget amplification. When your team starts seeing what’s possible, it’s very tempting to play the role of architect and artist. Some people on your team will want to redesign screens. Others will want to change navigation or the order of operations.
Suddenly, you’re working with a moving target. The initial implementation budget assumed that you’d be using the out-of-the-box specs. Now, you need meetings and perhaps even outside consultants to help you redefine the scope. The insurance software company will say, “Of course, we’ll customize anything you want … it will just take a little more time and a little more money, or we can give you the tools so you can do it yourself.”
Before you allow feature creep or the DIY trap to sideline your project, stop and ask yourself: Do you want to be perfect, or do you want to be moving forward?
In systems, perfection is an illusion
Systems are a dynamic tool. They have to be, because the landscape around you is continuously changing. Customer expectations evolve. Industry disruption strikes. Underwriting models shift. Even if you achieve a definition of perfection today, would it still be perfect six months from now? How about three years from now? In real life, there's no such thing as a static definition of "perfect" when it comes to insurance software.
Opportunity cost, opportunity lost
Investopedia defined opportunity cost as "a benefit that a person could have received, but gave up to take another course of action."
In the context we're looking at here, this term refers to the potential gains that you miss during the months (or years) that it takes to implement your new system. If, during that time, you're still stuck with legacy software (which, let's remember, was already imperfect enough that you decided it had to be replaced), then opportunities are passing you by now. And you can't start catching them until your rollout is done.
You won't get caught in that trap with Silvervine insurance software. Our strategy is to get you into your new system, fast – sometimes as soon as 90 days – so you can start reaping the rewards of your investment right away.
We know that building a software system is a lot like building a house. You need a solid foundation, strong walls and a good roof. You need the space to flow and function. And just like when you build a new house, some of the aesthetics and decorating can be saved for later. In fact, many times it’s best to live in the space, to see how it functions in the real world, and then decide which customizations will positively impact your ROI.
Once the system is live, you’ve realized some momentum and the benefits are rolling in, we can make enhancements and keep pace with industry change at the same time. Sound interesting? Request a demo to learn more.
The FedNat Insured Web is a great tool for our insureds!
They like having a centralized location to view policy info, make payments, upload policy documents, and elect to become paperless to receive a discount.
The insureds also can file a First Notice of Loss for a claim and access exiting claim info. Silvervine recently enhanced the site which allows insureds to upload policy documents directly to their policy. The uploaded docs go directly into our workflows and save a lot of manual effort on our part.
From my visits with agents, the agents appreciate the app for the amount of time saved on having to download and attach photos directly to the policy.
The app can also reduce the amount of staff required for a busy office to fulfill underwriting requests for photos.
When training agents they are amazed at how quickly the photos attach directly to the policy. After taking photos using the app and before they make it back to their desk, the photo is already attached to the policy. They also like the ability to attach additional photos for pre-existing damage.
Customer Service is seeing an improvement with retention as the text message definitely triggers phone calls from insureds to make payments.
The insureds love the fact that we notify them on their phones because they state that sometimes they don’t receive their mail for various reasons.
The insureds are paying more attention to the texts then to their actual mail. We try to set all of our customers up on that option if we notice that they are not currently enrolled, as it builds great customer relations as well as retention.
As a company we have adopted the use of Policy Scan for all our policies, and our agents have adopted the use of the app as well.
Not only is it easy to use, there is also no more worrying about losing photos, having to store photos or photos being attached to the wrong policy.
With Policy Scan we have increased efficiency in our workflow and reduced our exposure on the risk.
Silvervine’s core administration solutions easily handles multiple carriers within multiple states, including accounting, payment processing, immediate policy issuance and endorsements.
What started out writing one product, one line in one state has now grown into mulitple products, multiple lines and writing in multiple states. We have over $95 million in annualized premium in-force and we expect to grow by 20% during the next year all serviced by Silvervine.
Silvervine was our insurance software system of choice when we started the company in 2006. Silvervine enabled us to begin business within a few months of licensing the company. Today, we are one of the top 20 homeowner’s writers in Texas and SIlvervine’s solutions have been an integral part of our success.