As more and more insurance companies move from a Product-centric to a Customer-centric strategic focus, we’re often asked, is it better to build, i.e. custom develop front office solutions, or should the company buy, i.e. purchase a best of breed platform.
We typically recommend buying a best of breed platform because we see the benefits first hand: solutions tend to be more robust, can be deployed faster, are easier to maintain and scale.
Conversely, we have seen many insurance companies who develop their own applications end up with IT nightmares: data is inconsistent across applications, portals and point solution proliferate and the user experience suffers, IT cannot keep up with the demands of the business users and maintenance costs explode.
In our view, the choice is simple: for leading edge Customer-centric solutions, the choice is to Buy, not Build.