This white paper takes a closer look at the Build vs. Buy decision. It examines the pros and cons of each and provides critical success factors to consider. As carriers take a fresh look at their existing approaches and explore their options, they find themselves struggling with an age-old decision, “Do We Build or Do We Buy?”
In today’s world where customers are increasingly willing to conduct their business online, carriers can no longer afford to spend years building a seamless digital customer solution. To create and implement next-generation solutions and business operating models, carriers will need speed and agility. This is causing many carriers to take a closer look at what is commercially available. The massive growth of solution providers (InsurTechs) significantly widened the range of options, as most now offer features and capabilities that would take years for most carriers to develop in-house.
As insurance executives accelerate their digital transformation efforts, many are also finding that they need to define and/or rethink their digital roadmaps. Unlike software design of the past, an integrated strategy for digitization is necessary to ensure alignment and connection across all processes and systems in the front, middle and back offices. This requires deliberate thinking and design about the ways in which the processes and solutions will work together to deliver a seamless and integrated experience for the customer, as well as producers.
About FINEOS Corporation
FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest group life and health carriers in the US as well as 6 of the largest life insurers in Australia. With employees and offices throughout the world, FINEOS continues to scale rapidly, working with innovative progressive insurers in North America, Europe, and Asia Pacific.
The FINEOS Platform provides core administration capabilities including integrated disability and absence management (IDAM), billing, claims, payments, policy administration, provider management and new business and underwriting; all of which are configurable to operate independently or as FINEOS AdminSuite – the leading Employee Benefits end-to-end core administration suite.