Insurance Industry Needs Great Quality

According to analysts including Forrester and Gartner today a growing number of both specialist firms and technology generalists are looking to catch the attention of insurers with new technology, packaging, delivery models, and alliances. Like most other industries that made it through the dark tunnel of economic downturn the insurance industry too toughed it through by focusing on two perennial business themes - cutting costs and driving efficiency.

But as the economy returns to growth, insurers are now aiming for business growth and profitable revenue. As a result, carriers are again turning to technology like they did in the bygone days to help them address the delicate act of balancing efficiency and growth while spending but not overspending.

While budgets will likely remain largely flat through 2010, the industry's conservative nature as well as improved underwriting helped it emerge on the other side in much better shape than its banking and capital markets siblings. As the economy begins to improve, insurers recognize that the focus on cost reduction and efficiency improvements that allowed them to survive the downturn simply will not drive what they need for the upswing - business growth.

According to Forrester: The perfect service provider for insurance? Great quality with a healthy dose of new thinking. Insurers want to know what's next and expect different kinds of sales conversations from their vendors.