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Is the Build vs. Buy Dilemma Still Relevant for Insurtech Solutions?
Artificial intelligence (AI) and machine learning are transforming the insurance industry, enhancing operational efficiency, personalizing services, and improving customer experiences. As the digital landscape evolves at an unprecedented pace and new technologies emerge rapidly, AI-driven platforms have become not just sophisticated but essential for insurers seeking a competitive edge.
In the ongoing build vs. buy debate, insurers are grappling with whether their in-house development teams can keep pace with the speed and innovation of specialized insurtech companies.
According to Forrester Research's early 2024 report, 45% of insurance companies are already leveraging AI-powered solutions to streamline underwriting, claims management, and customer service. As the demand for AI integration intensifies, insurers face a critical choice: develop custom solutions internally or opt for third-party platforms. This decision goes beyond technology—it's about positioning for long-term success in an increasingly dynamic and competitive market.
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