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Insurance vendor 2020 plans should use these industry perspectives

by Rajesh Narayan  |  January 7, 2020  |  Comments Off on Insurance vendor 2020 plans should use these industry perspectives

2020 is here and has begun in earnest. It is time to make plans to achieve those big goals for the year.

Your plans could include growing the services business, or expanding the product footprint or both. One thing is certain, the success of your plans in 2020 will be impacted by how well you understand your customer’s goals.

Here are my top 5 client and market related perspectives to keep in mind as you put together your plan:

  1. Market Priorities – Studying the technology spend in your markets, so that you can balance any changes over the next few years. Keep an eye on  the customer’s top business and technology initiatives for 2020 and beyond, to align your investments and strategy accordingly.
  2. Increase Customer Value– Delivering key business outcomes to your clients, while capturing real time metrics within your solution.  Turn the value you deliver into a key differentiating factor, by building out well constructed case studies based on these metrics, for instance.
  3. Key Stakeholders – Business stakeholders are a major portion of insurance buying teams evaluating technology solutions. Does your content strategy account for the needs of all stakeholders? In order to make sure that your solution is well understood, you must plan to address each buyer persona within the sales cycle.
  4. Ecosystem Partners – Are you networked with the right partners to help you win more business in Insurance? Do your plans include an outreach mechanism to feature on industry platforms that can improve your credibility and make it easier to win more business? Is there mutual advantage to collaborate with your competitors?
  5. Winning in the turns – Is the market hardening? What does that mean for your solution? How do you build a strategy that can turn industry changes into opportunities? Do you have a pulse on your client’s cost pressures? Can you respond quickly? How do you balance your talent pool and maintain the edge?

Thinking through these topics should allow a robust plan for 2020 to emerge. I plan to watch and write to these topics in 2020, apart from detailing specific technology and market trends as they emerge. What additional topics go into your planning exercise? I look forward to hearing from you and sharing insights to help you succeed.

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Rajesh Narayan
Sr. Director Analyst Tech and Service Provider I
1 years at Gartner
26 years IT Industry

Rajesh Narayan CPCU is a member of the Tech and Service Provider Industries team and covers the insurance market, and key initiatives for product managers and tech CEOs:.Read Full Bio

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