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Platform Strategie

Standard software as a strategic success factor for insurance companies

The requirements for IT within insurance companies are continuously changing and increasing complexity. Apart from new developments in the product portfolio, this is also due to constantly changing statutory requirements.

Critical factors for the success of an insurance company are first of all a flexible premium design, seamless and complete processing, high-quality services and low handling costs. Using standard software for core processes—software that covers a clearly defined application area and can be delivered as a ready-made product—is thus more and more a strategic success factor. Current offerings in the market differ primarily in terms of the scope covered by the application area (scope of delivery) and the extra effort required for any additional in-house developments (manufacturing depth). In general, the higher the in-house development effort, the higher the project risks and costs.

This raises a question that comes down to a make-or-buy decision: is it more advantageous to develop specific services and products in-house or outsource them in order to attain defined goals? Insurance companies must find out which solution works best for securing and expanding their market success.

For these questions, ConVista is your partner for strategic decision-making and also your solution provider in the areas of standard software, individual development, and modernization (refactoring).

Alexander Sladeczek

+49 221 888 26 405