As the size of insurance IT shops continues to grow, many carriers are choosing build in the build vs. buy option, according to Kimberly Harris, research director for Gartner Inc. (www.gartner.com) and author of the report Update on Insurance Policy and Claims Systems. Harris said, Carriers who internally build a solution are the biggest competition for vendors. They feel they have more control over a project and the solution is custom-made.
Harris said the decision is not always by choice. Many times the vendors are not meeting (carriers) needs, Harris said. For the report, Gartner interviewed U.S.-based life and property and casualty insurers with net written premiums of $100 million or more. The report listed three key trends:
Comprehensive insurance systems are more common in smaller insurers.
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