The Challenge
After corporate collapses and the liability 'crisis' observed in recent years, the government was keen to gain a better insight into the development of premiums and claims for the Professional and Products liability and Professional indemnity classes of insurance in Australia.
Two years after the request from the government, a reporting standard was accepted and a mandatory data specification was drawn up. However, a decision had not been made on who would build and run the data collection, data warehousing and business intelligence systems required. The objectives for EQuest Consulting were to prepare the systems requirements documentation plus RFP and RFT documents, and to manage the supplier selection process.
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How EQuest Consulting Met the Challenge
The system selection process addressed the following key elements:
- Completeness of requirements
- Opportunities and constraints for data warehousing and business intelligence tools
- Available skills and people at the customer and at the supplier
- Generation of supplier selection criteria and weightings
- In-house management or outsourced
Working with the client’s General Managers, EQuest Consulting drew up the requirements document and the RFP/RFT documents and then managed the selection process in two stages by involving staff from various business units.
We evaluated 29 responses to the RFP from which a shortlist of 5 potential suppliers was determined. The requirements documentation was updated with the experience and ideas gained from the RFP process, prior to issuing the RFT. Another stringent selection process was managed by EQuest Consulting to select the final supplier.
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The Benefits
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The original requirements specification was brought up to a higher standard and completed to cover all areas from both a technical and from a business point.
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The involvement of EQuest Consulting accelerated the speed of the project significantly.
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The involvement of EQuest Consulting introduced probity into the selection process by being totally supplier independent.
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The involvement of EQuest Consulting lowered the risk of project failure and eliminated cost or time overruns.
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