BROKERS’ MONTHLY 23
Certainly speaking with peers in the
industry will help provide an idea of what
Tips for brokers buying a
is available and taking the time to speak
new IT system
with staff will help see where the existing
● Decide whether it is in the best
Microsoft Office and not simply the
system is falling down and where it could
interests of the business to
broking system.
be improved.
manage the IT in-house or hand
With an ASP numerous customers
Each of these actions will help
it over to a third party
are run from the same server, meaning
create a broader perspective and give
that all get the same package. This can
● Have a clear idea of where the
brokers a list of issues they want their
provide advantages with cost, but means
business is going and what it will
software to address, rather than leaving
there is not the same capability to
need from its IT over the next
them to be dazzled by the sales pitch three to five years
configure the software individually.
offered by a particular IT provider.
Deciding what will work best is a ● Get an understanding of where
By having their own very clear ideas
matter for each individual firm, but the IT partner is going over that
about where the business is going and
brokers should make themselves aware of
period and whether this will allow
exactly how any service will be provided
what the company needs its IT to do,
the two organisations to work
and how the pros and cons of each will
brokers can make sure potential IT
together effectively
dovetail with their own business.
partners match up.
It is incredibly important that firms
● Involve staff in both the
assessment of what’s needed and
Consider future requirements
never lose sight of what they need their
the testing of new systems
In evaluating the actual software a
IT to do for them. IT is a business
business needs, management teams that
support tool and so brokers must make ● Speak to peers in the industry
have a handle on the scope of their
sure it supports them in the best possible and get a feel for their own IT
current business and where it will be in
way. If the support does not come in the
experiences
three to five years, will be in a better
right area, the business could become
● Think about employing a
position to successfully choose the IT
inefficient and ultimately end up failing.
specialist consultant in the
needed to negotiate that journey.
Shortlisting IT providers that match
process
The software a broker uses must be
up to what is required allows them to be
● Take time to try a system out
able to cope with the business it does
more closely compared and brokers
examining both its functionality
today. But if it cannot cope with the
should also take the opportunity to test
and its look and feel
business it plans to do tomorrow then it
drive what’s on offer.
will end up holding the company back.
When doing this brokers can see if ● Consider how the IT will be paid
Are brokers looking to do more
everything the provider has promised is
for and whether this fits
work online? Are they going to be selling
actually available or whether it is still
effectively with the business
more business through partners? Who
under development. While systems will
● Compare systems on a like-for-
does the business need to transfer data
always be developing brokers need to be
like basis. Systems are all
with and what sort of data are they
able to rely on the core functionality of a
packaged differently, but have a
moving? What sort of management system and taking a chance on anything clear idea of the business
information does the broker want? Will it that has not proven itself to be effective is requirements and how different
be moving into new lines of business in incredibly risky.
systems stack up against them
the future? Although decisions should not be
These are all issues that will affect based on design over content, they must
That’s what gets results
both the choice of software a broker goes include consideration of the look and feel
Brokers may not be specialists in IT,
with and the best way to have it of a system and the way it will work for
but they are unquestioned experts in
delivered. brokers on a daily basis. Again this is an
insurance. They know how they need to
On top of examining their own area where staff will be able to give a lot
run their business and what they need to
business plan any broker looking to of valuable feedback and including them
offer customers to make it successful.
replace their IT system will also want to at this level can make a real difference.
This is what must remain central in
ask potential software provider of their When trying out the different
any assessment of new IT and before a
own plans and get a feel for how they are shortlisted systems it is worth
decision is made firms should be very
looking to develop in the years ahead. remembering that this is just a trial. Many
clear about what they want their software
Again it is important that the two views firms have fallen into the trap of trying a
to do and how it is going to do it for
of the future are compatible. system out by putting live business
them.
through it.
Increasingly there is very little
A different perspective Ultimately this can mean it becomes
difference between what insurance
There is no doubt that the process very difficult not to go with that system
brokers do and the cover they can offer
can be complicated and involved and because records and data have already
clients. Instead what differentiates them is
some firms may wish to take on the been stored on it during the trial period.
how they deliver their service and how
services of a consultant to help guide It may sound like a foolish mistake to
efficiently they can run their business.
them through the issues at hand and make, but a significant number of firms
This is where making the right decisions
make sure they are evaluating their have gone down this road and lived to
on IT will bear fruit and as the song says,
options on a like for like basis. regret it.
that’s what gets results.
IBM
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