An RFI that asks the right questions. Not the template’s.
Requests for information built from your structure, your market and the vendor landscape, so every answer can be scored and compared.
The supplier landscape an RFI goes into
Supplier relationships across the insurers in our markets, by kind of supplier.
The requirement, derived
From your position against your market, not from a generic list.
Questions that score
Each mapped to a component or task, so answers compare like for like.
Suppliers chosen on evidence
The vendor landscape read before the RFI is issued.
Three requests, three purposes.
RFI
What can the market offer? Shapes the requirement.
RFP
A priced, contractable answer from a shortlist.
RFQ
A price for something already fully specified.
RFI, RFP and RFQ: what is the difference?
An RFI asks the market what it can offer and helps define the requirement. An RFP asks a shortlist for a priced, contractable solution. An RFQ asks for a price on something already fully specified.
What should an insurance RFI include?
Your objectives; the capabilities you need by component, from policy and billing to claims and data; data standards such as ACORD and, in London, the Core Data Record; the supplier’s ownership and customers; and indicative cost.