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Better Than Homemade?

Carriers looking to Web-enable their front-end system (or replace it entirely) are in for some good news, according to Matt Josefowicz, senior analyst for insurance ...

By Robert Regis Hyle | Updated on October 31, 2002

Carriers looking to Web-enable their front-end system (or replace it entirely) are in for some good news, according to Matt Josefowicz, senior analyst for insurance at Celent Communications. In separate reports for the property/casualty and life/health segments, called Profiling the Vendors of Web Front-End Systems, Josefowicz says new systems available on the market and maturing older systems have a depth of richness necessary to be considered by carriers. Carriers can find solutions to such problems as developing new business, self service, field force management, document distribution, and online quotes.

Josefowicz looked at 16 vendors on the P&C side and 24 on L&H and concluded any size carrier should explore vendor solutions, no matter what the resources of its IT department. Even if you have the staff [to build a solution], its a matter of time spent on the project and not wanting to reduplicate effort, he says. Developing software is hard. For the insurance industry its not its primary core competency, so a lot of larger carriers are willing to start with a pre-existing product and customize it if necessary. In an earlier study on IT spending, Josefowicz found insurers from all segments are spending 25 percent more on new software than what is spent on maintenance of existing products.

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