By now, most savvy insurers understand that underwriting workbench technology can be a game-changer in terms of driving operational efficiencies, empowering smarter, more profitable decision-making, and helping underwriters rediscover the art of their profession.
However, with a wealth of solutions available on the market, commercial and specialty insurers are faced with an important dilemma: whether to build and manage their own underwriting workbench or buy one.
The answer isn’t necessarily straightforward. Insurers must think beyond the technology itself and consider how each option fits into and supports their whole underwriting strategy and ultimate underwriting goals.
That’s why Send has created a comprehensive guide to help insurers navigate the build vs. buy dilemma in underwriting. Download our guide for free to explore key insights and make informed decisions for your organisation.
The case for building
Building an underwriting workbench is likely to be preferable for insurers who are more comfortable managing their own systems and software. Those with the expertise, time, and resources to manage this process may find they can better support their requirements with a build.
This approach is particularly appealing to insurers that:
- Have a large number of highly specialised needs that off-the-shelf solutions can’t meet
- Want to stay in complete control over their product roadmap
- Have dedicated software engineering teams [with the necessary expertise]
- Have a long-term software strategy aligned with in-house development
However, building comes with its own set of challenges. It’s often more complex and time-consuming than initially anticipated, requiring significant upfront investment and ongoing maintenance.
Buy, buy, buy?
Buying a solution is often the most practical choice for insurers looking to leverage the expertise and best practices of providers who have successfully implemented workbenches.
Modern workbenches are highly configurable and allow insurers to quickly develop new features and capabilities without the need for extensive in-house development.
The benefits of buying a solution include:
- The ability to leverage the expertise of the chosen provider
- Fast time-to-market
- Specialised data services and integrations
- Predictable costs and mitigated risk
The best of both worlds?
The build vs. buy question becomes more complex as insurers become increasingly mature. Process-driven insurers, who rely heavily on manual underwriting, may find benefits in both options. Simple, ready-made templates and workflows are available off-the-shelf or can be built in-house relatively quickly and easily depending on their available technology and resources.
However, commercial and specialty insurers are on a journey. Many are striving for fully data-centric, smart underwriting, seeking deeper insights to better inform risk selection, exposure analysis, and pricing.
As they approach this level of underwriting maturity, insurers will likely find that neither building nor buying their solution will be fully cost-effective, scalable, or sustainable.
Send’s award-winning Underwriting Workbench is designed to be a ‘best of both’ solution to the build vs. buy dilemma.
Designed for the commercial and specialty insurance market, our workbench provides insurers with an operationally-ready workbench with deep insurance domain functionality and insurance-focused UX.
Our product baseline contains a mature underwriting workflow for specialty insurers writing complex business, data services connectors and system integration connectors all available to accelerate your implementation.
Every business is unique, and we want to help insurers find the best solution to meet their needs.
Take the next step in transforming your underwriting process. Download our comprehensive Build. vs. Buy guide for deeper insights and tailored solutions.