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Insurance technology history: Development of applications

The biggest benefit of a third-party application is that a vendor develops it specifically to address a need in the operations of an insurance company. But in reality, the biggest benefit is more likely to be in the design of the application, which has been vetted by other insurance companies...

By John Sarich | Updated on December 30, 2015

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.

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