- Cyberattacks cost financial services firms more to address and contain than in any other industry according to new Accenture report
- Beazley 2018 Breach Briefing report analyses and advises on growing range of cyber risks in the US
- Insurance Europe responds to IAIS consultation on an activities-based approach (ABA) to systemic risk
- RSA UK claims function awarded CII Chartered status
- LMA introduces Claims Development Pathway, a new interactive training and development tool
- FCA seeking views on how technology can make it easier for firms to meet their regulatory reporting requirements
- S&P Global Ratings and Guidewire Cyence Risk Analytics partner to assess cyber risk expired
- IRM Internal Model Industry Forum(IMIF) publishes eighth guidance document for the insurance market-The Journey from Model Validation to Model Risk Management expired
- Legal & General partners with Slice Labs to offer on-demand homeshare insurance proposition expired
- Zurich launches UK Innovation Foundry expired
- Aegon net income more than doubles in fourth quarter as US tax reform leads to one-time tax benefit expired
- Chaucer DAC joins IUA 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)