Build vs Buy Insurance Technology: Driving Digital Agility in Insurance
Insurance companies worldwide face a tough challenge: modernize fast enough to meet customer expectations while maintaining compliance and profitability. The decision of build vs buy insurance technology has become central to achieving this balance. Building: Control and Customization For carriers with strong IT capabilities, building systems internally means total control. Pros of Building: Deep customization to unique processes Full ownership of system architecture No dependency on external vendors Potential long-term cost savings Cons of Building: Time-consuming development cycles Requires large, skilled tech teams High upfront investment and maintenance burden Buying: Speed and Scalability Buying ready-made solutions offers insurers rapid transformation. Pros of Buying: Faster time-to-market Vendor expertise in compliance and industry standards Regular updates and support Cloud-native scalability Cons of Buying: Vendor lock-in and l...