It's often said that insurers suffer from the "not-invented-here" syndrome, but the fact is: At least in North America, insurers are most likely to look for a vendor solution before embarking on a custom build.In Celent's most recent insurance CIO/CTO survey, more than half of the respondents said they preferred to buy rather than build whenever possible. However, a high level of frustration remains among insurers with availability of appropriate vendor solutions-and identifying and selecting an appropriate vendor partner is still a time-consuming and challenging process.
Part of the fault rests with poor vendor sales practices. In a study last year, we found several important disconnects between what buyers valued in the sales process and what their general experiences were. Insurers frequently encounter vendor sales people who do not spend the time to understand their business problems, and to help the buyer understand how the solution will fit with the rest of their infrastructure.
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