Snap Poll of PC Insurers on Best of Breed v. Suite Choices and Risks

Snap polls reflect questions posed by members of the Celent Executive Research Panel. This question came about as a member was trying to get a sense of how other insurers think about the risks of using a suite v a best of breed approach to core systems. This snap poll was conducted on February 4-5, 2021. 46 Insurers responded to this survey over the course of 24 hours.

The question that was posed was:

Background:

One of the members of the research panel is working on a presentation for their audit committee. The topic is to address the enterprise risk of using all core system modules from a single vendor. They’re trying to get a sense of what other insurers are doing when it comes to best of breed implementations v. suite implementations and want to put together a chart showing where others are at. They’re also interested in how others view the risk of the approach they’ve taken.

Questions:

• Have you taken a best of breed approach or a full suite approach to your core system architecture?
• What do you see as the biggest risks to the approach you’ve taken?
• How have you worked to mitigate that risk?
• Some additional demographic questions were asked around lines of business written and distribution channels used

About Celent’s Research Panel

The Celent Research Panel is a free knowledge sharing resource for senior technology and operations executives at insurers in North America.It provides an easy way for executives to share information, obtain quantitative data, and learn from each otherthrough regular ongoing surveys, snap polls, round tables, and webinars.If you are interested in joining the Celent research panel, you can reach out to Karlyn Carnahan kcarnahan@celent.comor Dan McCoach dmccoach@celent.com