5 Essential Traits of Good Technology Partner for Insurance

Marcin Nowak
December 27, 2023

Imagine the exponential growth of a business that found the ideal technology partner, a partner that not only understood the intricacies of their industry, but also had the technical expertise to deliver cutting-edge tech solutions tailored to their unique needs. 

This partnership bred success because they found a partner who was not just a vendor, but a collaborator invested in their long-term success. 

This can be your business if you find the right tech partner with traits promising a long-term relationship beneficial for both parties. But what are the traits of the best technology partners? Let’s delve deeper.

1. Understanding Your Industry

An ideal tech partner understands your industry and can offer bespoke solutions that align perfectly with your unique requirements. Technology partnerships, as highlighted by HubSpot, are instrumental in implementing and optimizing technical systems​​. They extend beyond mere technical support; a good partner should be knowledgeable about both your industry and your product vision, ensuring that their contributions add substantial value to your business. 

According to Visor.ai, it’s essential for tech companies to collaborate to keep pace with the rapid advancements in technology​​.

A right technology partner should not just understand the tools but should also navigate the industry landscape effectively. This understanding is crucial as tech partnerships can shape your business, influencing aspects like the sales process, customer experience, and meeting user needs​​. Moreover, the right partner can contribute to building a network that helps in improving reach and performance, potentially lowering acquisition costs and keeping up with industry shifts​​.

2. Technical Expertise and Experience

Selecting a tech partner with technical proficiency is essential. This expertise ensures they are equipped with the latest technological knowledge, crucial for resolving issues during project development. As Xavor Corporation points out, technology partnerships provide access to unique skills and knowledge-sharing, enhancing innovation and creativity in solutions​​​​. Additionally, such partnerships offer advanced tech support and expertise, vital for project success and revenue growth​​​​.

Proven Track Record

A technology partner with a proven track record is invaluable, acting as a beacon of reliability and success. This track record is a testament to their competence and ability to consistently deliver satisfactory results, as noted by Purnell Media Solutions​​. 

It signifies a list of accomplishments and also a history of effective communication with clients and successful navigation of industry challenges. A reliable track record indicates that a company is trustworthy and capable of meeting client expectations, especially in areas requiring consistent performance like project management​

Diverse Skill Set

The value of a diverse skill set in a technology partner cannot be overstated. As DiversityQ points out, diverse teams greatly benefit all business aspects, bringing a range of viewpoints and innovative solutions that are resilient and client-focused​​. This diversity is crucial for the detailed responsibilities of technology teams, ensuring they function efficiently and create substantial value for clients and investors.

3. Clear Communication and Collaboration

Effective communication and collaboration are the cornerstones of a successful technology partnership. These elements are essential for maintaining transparency and ensuring that both parties are aligned with the project's development and business goals. According to HubSpot, a systematized collaboration process is key, where both partners understand each other's working styles and resources, leading to better project resource allocation and repeatable success across projects​.

Adchitects Blog emphasizes the significance of clear communication, stating that it brings order, directness, and precision to collaborations, while its absence can lead to chaos and misunderstandings. Clear communication is the difference between success and failure, as it prevents misunderstandings and confusion, encouraging efficient and collaborative work.

Transparent Processes

Transparency is a fundamental expectation in any technology partnership. This transparency is facilitated through the use of project management tools like Jira, Trello, and Slack, which offer real-time updates on project developments. The Digital Project Manager highlights the importance of having all project data centralized in one place, ensuring easy delegation of tasks, effective file sharing, and keeping all team members updated.

The use of these tools enhances communication and collaboration between partners, preventing the loss of conversations and confusion over responsibilities. It also supports an Agile methodology, helping to keep the project organized and on track by making progress trackable and reducing project delays.

Open to Feedback

Thoughtworks underscores the importance of feedback and professionalism in effective teamwork, noting that different perspectives in a project can lead to conflicts, which can be mitigated through open communication and trust​.

Feedback also aids in resolving issues quickly, building trust, and guiding the product to meet stakeholder needs more effectively. It's imperative for tech partners to gather feedback through various channels, analyze it comprehensively, and implement changes that positively impact the final output. This practice not only addresses current problems but also fuels future innovation and better outcomes for all parties involved, including the tech partner​. 

4. Long-Term Commitment and Ongoing Support

A great technology partner should be able to offer long-term commitment, which fosters a deep understanding of the company's goals and builds trustful cooperation that is mutually beneficial. McKinsey emphasizes the importance of partnerships in accessing new markets, sharing intellectual property, and reducing risk, especially as business environments become more complex with emerging technologies and faster innovation cycles. 

Continuous support from a tech partner ensures systems are updated securely and operate smoothly, encompassing regular updates, troubleshooting, and ongoing maintenance. Successful partnerships require a clear foundation and nurturing, with accountability and metrics used to gauge success​​. Transparency during negotiations and throughout the partnership enhances trust and collaboration, ensuring alignment of goals and measures of success.

Additionally, convening an alliance-management team to track and review progress against defined metrics can be a strategic move. This team can identify potential issues and provide a platform for timely course correction, ensuring the partnership remains on track towards its objectives​.

Future Growth

A forward-thinking tech partner is paramount for driving future growth, leveraging advancements like AI for enhanced operational performance and automated systems. McKinsey emphasizes the importance of IT as a strategic business partner, not just a technology consultant, highlighting that organizations where IT collaborates to shape business strategy perform better in delivering core services and creating a healthy organizational culture​​.

As detailed by InsurTech Magazine, MAPFRE, a global leader in the insurance industry, has embraced AI and Machine Learning to transform its services. These technologies have allowed MAPFRE to move away from legacy systems, introducing faster, more efficient, and mobile-ready services to their customers.

5. Adaptability and Flexibility

Embracing ambiguity and change is key. For example, industries like transportation and hospitality have been transformed by companies like Uber and Airbnb, which approached traditional problems with unique perspectives. 

A study by Deloitte in collaboration with MIT-Sloan found that 87% of business leaders believe technology will disrupt their industry, underscoring the necessity for organizations to develop technological skills to stay ahead​.

Continuous learning about new technologies and industry trends is also vital. The principle of "fail fast, learn faster" is more relevant than ever, with agile principles influencing working styles by encouraging continuous improvement.

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