The essential functionality required by preneed insurers represents a significant departure from the mainstream insurance market. Each line of business has essential functionality critical to the success of the operation. In some cases, functionality in the preneed market constitutes table stakes, while other functionalities represent key differentiators offering the insurer a competitive advantage. The following is a list of must-have qualities in a solution that will help insurers solve the preneed puzzle:
Knowledge of the preneed market is perhaps the most vital quality to look for when seeking a preneed solution. Preneed is a niche business that requires a certain level of proven experience. While technical expertise and platform knowledge from the vendor is essential, insurers demand acumen in the preneed market as well. Insurers don’t want to have to teach their partner what makes the preneed market special. Also, experience and knowledgeable resources speed implementation time, while reducing costs and risk. To learn more about choosing a preneed solution, please check out my white paper, Solving the Preneed Dilemma.