MARKET LACKS MODERN INSURANCE SOLUTIONS

As the insurance marketplace becomes increasingly globalised, the need for organisations to be able to react quickly to an array of competitive pressures is becoming paramount.

Much of the consequent need for change rests upon the organisation's operational processes and ultimately, therefore, upon the software systems which support them.

Insurance organisations were among the first major businesses to invest in Information Technology, but an unfortunate consequence of this is that many are now effectively locked in a technology warp, which prevents them adapting their systems at the speed required in the modern world.

The majority of these companies initially developed their own custom-built systems to meet their business requirements but later found the sheer cost of maintaining them prohibitive.

In order to reduce long-term costs and introduce operational innovation, many organisations migrated to standard versions of software, known as packages. But because these software packages did not always fully meet their requirements and because usage was effectively shared by direct competitors, these packages were modified or added to for individual companies in a manner and to an extent that pushed the supporting technology to its limits.

The result was that, although assisting in the modernisation and standardisation of business processes, packages did not turn out to be as cost effective as expected. They invariably led to a hybrid form of the in-house solution they had replaced, and one, which in reality no more responsive to the need for change but often had the added implication of software vendor dependency.

Build or Buy ?

Whilst not providing the perfect solutions in themselves, the package and custom-built approaches used to date have each brought a number of benefits to insurance organisations. [more]

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The Changing Insurance Martketplace

The insurance marketplace today is changing more rapidly than ever before.   With the advent of large global organisations and the impact of banks and mutuals becoming more aggressive in gaining market share. [more]