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US Edition: To build or buy? A decision framework for insurance pricing transformation


5 minutes

Pricing is one of the most impactful areas of transformation for carriers, estimated by McKinsey to improve combined ratios by up to 6%pts. A whopping 83% of Specialty and Commercial insurers surveyed in 2023 said their rating and risk assessment technology needs improving.

But what is the best way to create your rating engine— build in-house, partner with vendors, or adopt a hybrid approach?

After looking through the Build vs Buy decision framework, you’ll be able to:

  • Better define your strategic objectives, KPIs, functional and non-functional requirements, and development philosophy

  • Understand the pros and cons of building your own rating platform, and of buying one

  • Leverage a structured decision matrix to make the most informed choice for your organization