- PRA and FCA consults on expectations for the management of financial risks from climate change
- AIR Worldwide estimates industry insured losses from Hurricane Michael at $6bn to $10bn
- LMA’s satellite imagery and intelligence service speeding up assessment and payment of Hurricane Florence and Michael claims
- US P&C insurers more than double first half after tax net income
- Nine insurance associations across the world write jointly to IASB to suggest a two year delay needed to implement IFRS 17 successfully
- IUA reports increase of 16% to £26.314bn in gross written premiums for 2017
- UK Comprehensive car insurance premiums rise 1%-Brexit might delay Civil LIabilities Act introduction expired
- ACORD announces the winners of the 2018 ACORD InsurTech Innovation Challenge(AIIC) expired
- 2018.2 release of Guidewire InsurancePlatform announced expired
- Treaty reinsurance goes live on PPL to complete class roll out expired
- Ardonagh to sell Direct Group's claims business to Davies Group expired
- Ergo Group to sell its Russian life book to Rosgosstrakh 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)