With the arrival of spring, and with March Madness in the air, I began to think about how a bracket might play out if stat. reporting solutions were pitted against one another, head-to-head.
Embracing this analogy, let’s set the field:
Gain Compliance is the first new vendor to be approved by the NAIC since 2001. It is the proverbial upstart, competing against the well-known, storied programs.
SOVOS, Sapiens, and FIS represent a traditional, but dated, approach; all are indignant at the prospect of being challenged by a newcomer.
Which vendor deserves, after the dust had settled on the 2024 Annual Statement, to take their place as champion?
Here’s where the March Madness analogy breaks down a bit – for Gain to win a new customer, we must displace an incumbent software product. Essentially, the legacy vendor, often who has served in its role for a decade or more, must be fired.
This is not a fair fight: inertia, especially in the world of insurance software, is a powerful force.
To prevail, Gain’s solution has to be so superior that a financial reporting team elects to switch from its current solution. Accordingly, Gain’s battle, particularly at the beginning, was an uphill one. But then, as customers experienced the improved outcomes from a modern solution, the tide turned.
The result? Gain has taken significant market share from the other companies in this final four – steadily at first, and then at an accelerating pace.
For example, over the past two full filing cycles, 71 carriers have switched from SOVOS to Gain. And, perhaps just as impressive: not one carrier has moved in the other direction.
So.. returning to the sports analogy for a moment:
Magic is in the air. It is the time of nail-biting upsets, Davids battling Goliaths, and Cinderalla stories. it makes for great storylines.
Often, however, success in March can be traced to deliberate behavior rather than pure luck. The underdog narrative, as compelling as it is, minimizes the combination of hard work, determination, and planning that translates to a predictable result.
Gain is not, by any stretch of the imagination, an overnight success story. Rather, it is the culmination of a focused strategy and hard work over almost a decade with a singular focus: to improve the outcomes for financial reporting teams.
To learn more about how our game has benefited our customers’ statutory workflows, take a few minutes to read one of our Customer Stories, and to see how the work we put into Gain benefits our customers, register for out one of our upcoming webinars, or set up a time for a guided product tour.
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