RiskGenius Blog

Insights into our world of Insurance & Technology.

The Most Important Step for Insurance Software Development

by Chris Cheatham | Sep 21, 2015 | Technology

Most insurance software is enterprise-level. As an observer of the insurance market, I have watched numerous insurance software rollouts face the same fate at launch: frustration and exasperation because user requirements are not met.

I certainly didn't want to make the same mistake with Riskgenius. Because I know that making that mistake ensures that Product-Market fit does not occur.

Product Market Fit is Everything.

Marc Andreesen defines product-market fit as “being in a good market with a product that can satisfy that market.”

The Riskgenius solution is focused on insurance agencies. There are over 38,000 insurance agencies with over 900,000 insurance professionals. Many of these insurance professionals regularly engage in a recurring (and often painful) process: comparing policies and contracts. Why is it painful? Far too often, I have talked to insurance professionals that spend evenings and weekends reviewing policies and creating spreadsheets detailing contract contents. The process is too time consuming.

I know from my experience that there is a better way. After all, we are living in the 21st century and there are tools available to assist in automating processes. Perhaps even tools to make contract review more enjoyable, even fun…

So the market need is clear to me. But there was a time when I didn't feel good about satisfying the market.

It Sounds Obvious But...Customer Input is Key to Nailing the Product

In May 2015, a ClaimKit (our claim-based product) customer contacted me and asked if our software could handle contract review. We added a couple of features to the ClaimKit software, provided a demo, and we had a customer.

As I talked to the rest of the industry about the insurance contract review problem, a couple questions nagged me.

• Should we really be selling a product created in a couple weeks?
• Ultimately, can't we engage our core users, the insurance agents, that need the Riskgenius solution?

So we decided to do something profound. We decided to engage our core users.

What's the Customer's Story?

Today we are launching the Riskgenius Beta Program. Over the next few weeks and months, we are working with partner insurance agencies to build the ultimate contract and policy review platform.

Our first meeting will focus on user stories.

"A user story is a very high-level definition of a requirement, containing just enough information so that the developers can produce a reasonable estimate of the effort to implement it."

Our team started using user stories in 2014 as we were developing ClaimKit software. Here are a couple examples:

  • "I want to drill down into the folders so I can find the documents I want."
  • "I want to login and see the key documents so that I don't waste time doing document review."

Each user story should also include priority and a unique identifying number. I also like to include the type of user that wrote up the story. Which leads me to hardest part about user stories:

  • User stories should be written by Users

This can certainly be a difficult task, but it is most important to the process. So we look forward to support of our Beta Program participants to gain the insight we need.

I look forward to updating you again soon!

If you are interested in joining the Riskgenius Beta Program, please email me directly at chris@riskgenius.com. The program will only last a few months.