In the broad insurance marketplace of life, health and property and casualty insurance, numerous software vendors vie to sell software to meet the business requirements of the overall insurance industry.
Because financial services and insurance in particular were heavy users of data processing, they tended to take on a large workforce that could develop programs to accomplish these myriad computing tasks. With little standardization in business processes or how the business was managed, insurance companies took a go-it-alone approach to application development. And that approach required more and more resources — human and machine — to keep up with managements' requirements for better and faster processing of information.
Major computer vendors realized the opportunity that insurance afforded them, and most companies developed insurance applications that would run on their hardware. As computing costs continued to rise, companies decided in many cases to create their own in-house programming staff to develop applications to compete with those of the major computer vendors. The rise of insurance company IT staffs growing by leaps and bounds made more than a few insurance companies recognize the financial impact that overall IT costs were having on the industry.
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