Products Catalogs & Keywords:
Products Image:
The hybrid strategy strikes a balance between buying and building.
The build vs. purchase comparison came to the conclusion that the pace of change brought on by digitalization is too fast for insurance IT teams to keep up with. Although it would be tempting to use proprietary software, the risks are too great, and there is a real worry that it will become outdated after a protracted development process. Some insurers have spent hundreds of thousands of dollars on customised IT systems in recent years, but those systems ultimately failed.
I have written in-depth on this topic. Visit our website to know more.
Source URL: - https://www.simplesolve.com/blog/insurance-software-build-vs-buy-and-speed-to-market/