Incorporating technology into the insurance business can be difficult. According to researchers, many insurance companies struggle with doing so, given how complicated the business is.
That’s why it is crucial to have software developers with expertise in a particular domain. Not every company can afford to have a team of specifically trained specialists, and that’s where problems arise in hiring a team of competent insurance software developers.
In this article, we will break down how a dedicated team works, and take a look at the pros and cons of hiring one, as well as the problems it can solve.
EY survey on insurance digital transformation.
What is a Dedicated Team?
Building a software solution for an insurance company requires acquiring very specific expertise in a complex domain. Not many companies can boast of having such, so sometimes it’s best to look for talent elsewhere.
A Dedicated Team is a team of software developers employed for your project or by your company, through an outsourcing company. A Dedicated Team can offer the required expertise while allowing the client to be fully engaged in the development process.
The main differences between hiring a Dedicated Team and ordinary outsourced software development are:
- The Dedicated Team works completely on your terms. With ordinary outsourcing, it’s the contractor who controls the project.
- There are no fixed deadlines. The Dedicated Team works with the client for as long as the client wishes to work on a project.
- The Dedicated Team can be customized. Depending on your needs and wishes, it can be scaled up or down, and certain specialists may be added or removed.
How the Dedicated Team differs from general outsourcing.
Usually, a Dedicated Team is composed of the following professionals:
- Business Analyst. A business analyst is the first one to work with the client. He or she researches the client’s ideas or specifications to work out the resources required for the project.
- Project Manager. The project manager often works alongside the BA to flesh out project details. Eventually, the PM does the project estimation, determining the time and resources it will take to complete the work. During the project, the PM controls the development process, assigns tasks, and keeps the client in touch with the work.
- UI/UX Designer. Designers create the look and feel of the insurance software solution. They make sure the software is effective, appealing, and easy to grasp.
- Developers. Programmers code the insurance software solution from scratch. They build features, implement technology, and integrate third-party systems into the software project. The team includes back- and front-end developers. The team composition also depends on the platform for which the solution is being built, so there could be web, mobile, and desktop app developers.
- QA Testers. Quality assurance involves checking if the software has any bugs or issues that need to be fixed. QA testers test performance to ensure the software will run well on the required hardware.
- DevOps. DevOps specialists assist in the development process: they automate development operations and make sure the process goes smoothly.
Dedicated Team composition.
It is important to note that domain matters the most: when building an insurance software solution, each specialist on the Dedicated Team, apart from good technical skills, has to have expertise in the particular domain.
Domain expertise ensures that the software not only works well but solves the users’ problems in the most effective way possible, while providing a seamless experience.
Benefits of hiring a Dedicated Team
A Dedicated Team of software developers effectively expands the expertise available to cover domains that in-house developers might not be familiar with.
This is the most important benefit, but there are other perks you can get from hiring a Dedicated Team of developers.
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The first and most important perk you get from a Dedicated Team is the ability to gain access to excellent talent worldwide. Traditional talent acquisition can be limited by location; there are only so many programmers available in a specific area.
With a Dedicated Team, your company can deploy software development teams from all around the world and have them work remotely. There will be no need to spend time and resources on training and onboarding staff.
When it comes to specialized talent, worldwide hiring makes it easy to find the required expertise.
The first benefit of hiring a Dedidcated Team is expertise.
Rates are not homogeneous geographically; there is always an area where developers can be hired at lower rates. So hiring a Dedicated Team of software developers allows you to find affordable talent without sacrificing expertise and skillsets.
Hiring remotely offers the opportunity to reduce operational costs such as recruiting, onboarding, vacations, sick leaves, insurance, office space rent, and equipment maintenance.
The second benefit of hiring a Dedicated Team is cost-efficiency.
Dedicated software development teams can be hired for the long term. Since the team works on the employer’s terms, it can be integrated into the corporate culture to carry out the corporate vision within the product they build.
Long-term engagement is the third benefit of hiring a dedicated software development team.
Full control over the project
A Dedicated Team of software developers is there to work on a specific project for the client. The developers do not have to be working on several products at once, which allows for better involvement in the development process.
While working with a Dedicated Team, the client acts as the only boss, able to tweak deadlines, expand the team, change the project direction, and so on.
Full control over the project is the fourth perk of working with a Dedicated Team.
The worst killer of productivity is multitasking. A Dedicated Team is usually hired for one specific project, so there will be no developers scattered across multiple projects.
In addition, outsourcing a project to a Dedicated Team with proven expertise in the required domain may help take some of the workload off in-house developers. This way, you’ll have your insurance software needs covered by professionals while the regular staff can better focus on other projects.
Increased productivity is the result of a Dedicated Team working on one specific project.
Timely response to emergencies
Insurance software projects, like any other kind, do not always go as planned. The deadlines can be demanding and the amount of work can change, especially if the vision of the project changes.
In such situations, it is important to be able to react to change as quickly as possible. A Dedicated Team of insurance software developers can be scaled up or down quickly to handle the scope of work. By responding to changing conditions as fast as possible, the employer won’t lose the client.
Dedicated Teams are able to work effectively in changing environments.
Faster time to market
When hiring a dedicated software development team, the employer gets a group of professionals familiar not only with the required domain but also with each other. They may cooperate without friction, saving the employer effort and resources otherwise spent on onboarding and teambuilding.
A team of software developers that is already good at working together usually performs better, makes fewer coding mistakes, and can deliver better solutions to problems that arise. In addition, good teamwork can reduce budget deviations by 30%.
This all results in quicker decision-making, projects completed on deadline — and faster time to market.
The productivity of Dedicated Teams allows for faster rime to market.
The scalability of a Dedicated Team is helpful in many situations. Responding to changes in the scope of work, the employer can add or remove specialists. The main advantage of the Dedicated Team is that the hiring process goes a lot faster than hiring people on staff.
What problems facing an insurance software company can a Dedicated Team solve?
Insurance software can have special nuances due to the complexity of the field. There’s a lot of technological potential in the insurance business, but many software vendors fall short of delivering the right experience.
That’s why it makes sense to get help from a team with the right insurance software expertise. Here are some problems that hiring a Dedicated Team can solve.
Lack of staff
A software development company provides services for a variety of clients from different fields of business. There might be a time when the project requires developers that the vendor does not have. Hiring a Dedicated Team to handle the project makes more sense than hiring new staff, thanks to a shorter onboarding.
Lack of expertise
Insurance software is most useful when packed with advanced technology such as Artificial Intelligence to handle tasks such as risk assessment and fraud prevention.
Such technology demands a high level of knowledge. Let’s say the vendor is looking to apply Artificial Intelligence or Machine Learning to just one particular project. The best solution would be to save money that would normally be spent on in-house recruiting and instead hire a Dedicated Team with expertise in applying AI to insurance software.
The software company may not have developers who are experienced in building software solutions for insurance providers. So as not to lose the client, it’s best to hire a Dedicated Team of insurance software developers who know their way around it.
A Dedicated Team can also consult in-house developers on handling certain issues when building insurance software, allowing for the exchange of valuable knowledge.
Hiring a Dedicated Team saves money. Hiring a development team on staff can be a lengthy and costly process that forces the vendor to shell out on recruiting, onboarding, and training newcomers. When there is a one-time-only need for certain skills and knowledge, the investment is hardly justifiable.
Hiring a dedicated software development team is beneficial since the developers and other specialists already have the required knowledge and experience to work with the specific types of projects.
Besides, Dedicated Teams can be hired from all around the world at different rates. This way, the software vendor can find a team at the optimal rate and not compromise on the quality of the service provided.
Dedicated Team provides the skilled scalable workforce.
How to find and hire a Dedicated Team
To hire a Dedicated Team that can deliver top-notch insurance software development services, there are several steps.
Find a software company
The first step is actually finding a company that provides dedicated software teams. There are a few ways to go about it:
- Google search. Companies put a lot of money into putting their brand out there. That means having a good website that is well-optimized for search engines. Though search results are not exactly markers of a decent software company, high ranking can indicate businesses that care about what they are doing and how they are presented.
- Research. You can also visit portals such as GoodFirms or Clutch that put out lists of the best software development companies in a particular domain. There you can find out more about the vendors, go to their websites, and compare rates.
- Referrals. It never hurts to ask around. You might have colleagues in the industry that have a positive experience of working with Dedicated Teams.
Study the chosen company
To find out if the company is the right fit for you, make sure to study what it is and what it has to offer in terms of insurance software development. It is important to focus on:
- Portfolio. A portfolio contains the projects the software company has completed. You can find a detailed description of the problem and how the developers solved it using their knowledge and technology. From those case studies, you will be able to judge if the company has the right expertise and skillset for your insurance software needs.
- Testimonials. Look at what clients have to say about the vendor’s services. You will also get the idea of how consistent the vendor is in providing good services.
When sure about the software company, it is time to get into contact. Get in touch with the sales representative or marketing through social media, email, or website. Or just schedule a call.
When talking to the representative, articulate your ideas about the insurance software project or share a specification if you have one. Then you can talk to the company’s BA and PM to figure out the terms of your cooperation.
There you have it — a full explanation of dedicated software development teams. This is a great way to expand the expertise of your software company without going through the hassle of a full recruiting cycle when the time scope is tight.
Dedicated Teams are very helpful at compensating for a lack of staff, skill sets, or knowledge. Having such a team completely focused on your insurance software project will result in met deadlines and reduced deviations in the budget.
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