Application Selection: Insurance: Uncovering the Right Tool for the Job

Client

Our client, a century-old general insurance agency, provides a range of insurance products and services to business and industry, individuals, and public and private organizations.
 
The Background

The client had previously gone through an RFP process focused on packaged software tools from commercial vendors to improve the efficiency of its benefits administration process.   Some of the tools met the functional requirements specified but the software-as-a-service model meant that they would never recoup their costs, which severely impacted the ROI calculations.  As such, the client decided to look for a supplier to develop a custom solution.  Blue Slate, who the client knew to be experienced with custom software development in the insurance industry, was brought in to propose on this custom application.

The Challenge

• Redirect the engagement to include another pass at identifying off the shelf (OTS) software to address the need.
• From there, determine which benefits administration tool best meets the client’s needs through a technical and functional analysis and scoring process.
• Identify gaps between the tool and the requirements and associated costs.
• Facilitate the client’s decision making process.

The Solution
Blue Slate executed its best practices technology selection process which includes evaluation rubrics, reference checks, functional & technical demonstrations, and financial analysis in order to identify an OTS tool that met the client’s primary functional and technical requirements.  Blue Slate then discovered gaps between the OTS tool and the client’s requirements, and identified necessary customizations to address those gaps. Finally Blue Slate established a process allowing the client to make a data driven choice for the best solution to meet their requirements.

Blue Slate’s approach was staked in Blue Slate’s core value of total commitment to our clients, which resulted in finding the most cost-effective and appropriate solution.

Through experienced analysis Blue Slate formulated and executed a process that provided the client with the best solution for their needs based on key evaluation areas such as functional and technical fit, cost of ownership, vendor services and reputation and speed to implementation.

Due to the project’s outcome, the client was provided with a choice of solutions which represented:

• Half the cost of what they had budgeted for
• Far lower risk from a custom built application
• Implementation timeline1/3 the time of a custom built application

In short, Blue Slate was able—within just four weeks—gather requirements, analyze business conditions, vet out a collection of tools and formulate a path to progress that could give the client a competitive edge in a challenging industry.