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.