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Insurance ORION DataWorks Insurtech 

Deciding on Change: How Insurance Pools are Developing Custom Software

By Ivan Neshkov on February 27, 2025
Blog

The best way to make the best of both worlds is to buy products made specifically for insurance pools.

When organizations buy purpose-built products, they retain the benefits of buying while mitigating the risk of buying commercial insurance products.
Ivan Neshkov

Are you deciding between building an in-house data management system or buying one? For insurance pools, this decision comes down to the willingness of the organization to invest in a digital transformation process. In this two-part blog we will explore when it makes sense to buy and when to develop to achieve digitalization goals. 

For some insurance pools ready-made products simply do not meet their specific needs. In response to this demand, insurance pools have started investing in in-house data management technology.  

Key Takeaways 

  • Investing in proprietary software can help insurance pools overcome complex business challenges. 

  • Insurtech products meant for the commercial insurance market rarely fill the shoes of a custom solution. 

  • Comprehensive digitalization for PPP insurance pools is recommended. 

Drowning in the desert – lots of products, no good fit 

Despite the high availability of insurance products on the market for many insurance pools, using insurtech products means patching together several services from different vendors. This approach leads to data silos and imperfect integrations can affect service to clients and/or users.  

Investing in long-term success 

Building support for core business lines like Property, General Liability, and Workers' Compensation creates a solid structure for long-term success. Regaining control of business processes and their evolution helps insurance pools maintain services to their members in a targeted way. Custom solutions eliminate licensing fees, repaying the investment over time, and earning pools more value from their IT team.   

The Risks 

As we saw above, there is great value added from investing in an in-house product. However, pooled insurance organizations are not IT companies and may not have robust IT capabilities in-house. To invest in building and maintaining an in-house product means that the pool must invest in dedicated IT capabilities.  

The Benefits 

Despite the risks, for pooled insurance organizations with sophisticated IT needs, going through the digitalization process is better done sooner rather than later. Insurance pools with robust products can benefit from AI and ML in a unique way.  

For those that don't know where to start, finding the right partners can decrease risk and increase quality and timely delivery of proprietary software to jumpstart the process.  

How we can help 

By investing in a custom solution tailored to your specific needs, pooled insurers can overcome complex IT challenges and achieve greater efficiency, accuracy, and cost savings. UMELLE offers a collaborative approach to implementing risk management, claims, policy, and safety solutions for pooled insurance. We can provide a fully custom-built service or use our experience to create software quickly using prebuilt technology specifically for insurance pools. To learn more about our custom-built service, click here or get in touch to start your journey toward a more efficient, effective system. 

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