- World Economic Forum(WEF) Global Risks Report 2019 highlights worsening international relations hindering action across a growing array of serious challenges
- Comments on Brexit vote impasse
- Allianz Risk Barometer highlights cyber and concerns around Brexit as as top risks in UK
- Willis Re's Summary of Natural Catastrophe Events 2018 report estimates insured losses from major natural catastrophes at around $71.5bn
- BIBA highlights opportunities for business in 2019 Manifesto
- UK Comprehensive car insurance prices fell by 6% in 2018 says Confused.com/ Willis Towers Watson analysis
- Insurance Europe concerned that the European Commission’s proposal for an ePrivacy Regulation could hamper insurers’ ability to offer innovative insurance policies to consumers expired
- ArgoGlobal collaborating with broker Axieme and digital platform Jobby in Italy to respond to a need for on-demand, pay-as-you-go insurance for temporary and short-term workers expired
- LV= General Insurance successfully deploys Guidewire Core and Data solutions in the largest transformation the business has ever undertaken expired
- Marsh announces that it had placed more than 10,000 risks in 2018 through Placing Platform Limited(PPL)-over 15,000 in total expired
- ZhongAn and Grab to establish joint venture company to enter the digital insurance distribution business in Southeast Asia expired
- Greenlight Capital Re becomes largest shareholder in Chicogo-based MGU AccuRisk 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)