Report

CIO/CTO Checklist for Insurers: Build vs. Buy vs. Hybrid

CIOs and CTOs must navigate a maze of choices regarding their system environments.
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Insurance technology ecosystems will continue to evolve in the 2020s to compete with larger insurers. CIOs and CTOs will have to decide the types of technologies they should deploy, the cost and length of time needed to deploy those technologies, and the ongoing requirements to support the new technology—potentially for many years after the initial deployment. Tradeoffs are inherent to each approach. Buy, build, or create a hybrid?

This report reviews several considerations and questions that insurance CIOs, CTOs, and heads of architecture must examine when deciding among buy, build, or hybrid. Datos Insights reviewed its research from 2021 to 2023 and external articles as well as draws on the author’s experience and best practices that Datos Insights has observed in financial services IT organizations.

Clients of Datos Insights’ Life, Annuities, & Benefits and Property & Casualty services can download this report.

This report mentions ALIP, Andesa, BriteCore, Duck Creek, EIS, EXL, FAST, Guidewire, Majesco, OIPA, OneShield, Sapiens, and Vitech.

About the Author

Mitch Wein

Mitch Wein

Mitch Wein is an Executive Principal in the Insurance Practice at Datos Insights. He has expertise in international IT leadership and transformation as well as technology strategy for banking, insurance (life, annuities, personal, commercial, specialty), and wealth management. Prior to joining Datos Insights, Mitch served in senior technology management positions at numerous financial institutions. At Bankers Trust (now Deutsche Bank), he automated...

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