To ensure that the solutions being showcased are legitimate-not smoke and mirrors-many insurers have embarked upon proof of concept (POC) strategies that are more encompassing and systematic than in the past.Although it's the responsibility of software vendors to establish the proving ground, it's incumbent on insurers to be equipped to absorb and measure what a vendor is delivering.
Some insurers are still fuzzy about how to approach proof of concept strategies. "Overall, I would say that insurers that have never acquired a piece of software are the ones that lack the performance-based metrics to internally measure and assess a POC," says Wendy Corman, business development officer for Bolivar, Mo.-based Duck Creek Technologies Inc.
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