- Lloyd's Brussels office officially opens for business ready for Brexit
- World Economic Forum's Regional Risks for Doing Business report indicates significant differences in risk perceptions across the eight regions covered-cyber attacks heads most developed regions
- IAIS concludes 25th annual Conference-“We are now beginning a pivot to a greater focus on emerging and accelerating trends impacting both our developed and emerging market Members, including FinTech, cyber risks, climate risk and sustainable development challenges" says Secretary General.
- Pool Re publishes its annual Terrorism Threat & Mitigation Report focusing on the key terrorist events and developments in 2018
- Marsh-JLT Specialty formed
- Allen to chair LMA Finance Committee
- Oman joins IAIS Multilateral Memorandum of Understanding (MMoU) expired
- InsurTech Iotatech raises £1m in second round of funding expired
- Startupbootcamp InsurTech appoints Manjit Rana as managing director for Corporate Innovation in Insurance expired
- RSA to restructure its specialty and wholesale business on a more focussed basis expired
- Sedgwick acquires Irish loss adjuster expired
- AXIS Capital estimates Hurricane MIchael losses at $100-120m 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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