- Insurance Newslink drops in for a Guidewire update
- LMA says 80% of Lloyd’s managing agents would “like to see Insurance Linked Securities (ILS) products become a permanent fixture in the re/insurance market”
- PPL exceeds first quarter adoption targets
- esure Board reaches agreement with Bain Capital over all cash offer-interim profit impacted by adverse weather but growth continues
- Admiral produces strong interim result and growth all round
- CII and FCA launching series of nationwide professional focus CPD conferences for members working in the insurance profession
- Insurance Europe publishes response to the European Commission’s consultation on its proposed InvestEU programme expired
- Tremor Technologies announces that its programmatic risk placement marketplace is fully operational with significant buyers and sellers of re/insurance protection in place expired
- Continental General(CGIC) to acquire Humana’s long-term care insurance business, KMG America Corporation expired
- Talanx Chairman Leue "very satisfied" at half way expired
- SOBC DARAG forms joint venture in US-first acquisition announced expired
- Starstone announces a new casualty consortium targeted at the Australian and New Zealand markets 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.”
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