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. 

Key Takeaways: 

• Buying ready-made products can be quick and easy. 

• Buying data management systems allows insurance pools to react quickly to a changing market. 

• Insurance pools on the market for insurtech products should consider products made for insurance pools. 

Buying can be quick 

Deciding which product to buy is important and buyers should take time in understanding their needs and the types of products on the market. Once this process is done, getting started is fast. Having quick access to expert-level technology can help insurance pools rapidly improve services to members and launch new insurance products.   

Integrating can be easy 

Modern solutions are built with simplicity in mind, and many insurtech companies allow for a wide range of integrations into their products. This means that if you have claims data coming from one source, it is easy to connect it to your data management software. Integrations can synchronize data between different services, making it convenient to add or remove services without losing functionality.  

Flexible 

Because the market is quickly changing and insurance pools are dealing with unique scenarios, insurtech products can help pooled insures quickly pivot and integrate vast capabilities quickly and easily. 

Expert Development and Support 

A significant advantage to buying a ready product is handing off the responsibility of dealing with product issues. There are expert teams available to help resolve any issues that occur while the products are maintained for you.