- InsurTech investment deals 16% up in first quarter at $724m compared with 4th quarter 2017 says latest Willis Towers Watson Briefing
- New survey reveals the extent to which significant uncertainty remains in the industry concerning the approach to key Solvency II requirements
- Lloyd's receives regulatory approval for Brussels office
- CII publishes latest "Underwriter of the Future" report six years after the first report was published to review projections made in 2012
- IUA forms new cyber group dedicated specifically to considering the concerns of reinsurers
- GFIA issues new report-“Older and wiser: Solutions to the global pension challenge”
- Malaysian insurer Gibraltar BSN selects Majesco Distribution Management and Digital Solutions expired
- ABI comments on Justice Select Committee report on the Small Claims Track (SCT) limit expired
- Swiss insurers 2017 results indicate continued strength says Standard & Poor's expired
- AEGIS London appoints Humm as its new class underwriter for marine hull expired
- Millstream Underwriting becomes approved Lloyd's Coverholder expired
- Beazley warns on the need for GDPR preparation expired
11th February 2018
Celent releases new report on Build versus Buy debate
Celent has released a new report titled "The New Build Vs. Buy Debate: Is This the Agony of the Core Insurance Package?" The report was written by Craig Beattie and Nicolas Michellod, both senior Analysts with Celent's Insurance practice.
It is still unclear whether most insurers will consider engineering their own insurance platforms going forward. However, they now have more arguments to consider this option.
With the growing demand for more open and integrable systems and the emergence of key technologies such as DevOps, APIs, and microservices, insurers see the opportunity to engineer their own insurance platform. In addition, there are opportunities to fragment the value chain and integrate Insurtech in crucial elements of their insurance suite. In this report, Celent describes what could be the future of core insurance systems under the influence of these new technologies and startups.
“With any build of software comes risk, and insurers are naturally risk-averse," says Michellod. “A low-risk build approach for an insurer would be to mix best-in-class core components for elements that are not differentiating for them, and identify capabilities where the insurer wishes to differentiate.”
MarshMac Trends(726 articles)