| Whatever the reasons, you should carefully weigh your options before investing in new technology. One major decision you’ll need to make is whether to build your own system or buy an off-the-shelf solution from a dedicated software developer. You should also have an eye on the future. Are you simply maintaining the status quo? Or are you future-proofing your company to be more competitive and thrive in a world of disruption and change?
Surety remains a business built on relationships and trust, but the industry is beginning to change. Today, smart companies are leveraging technology to improve their business processes and increase market share. Research by McKinsey & Company shows that the potential benefits of digital innovation in insurance include a 40% reduction in IT costs, a 40% increase in operations productivity, more accurate claims handling and, in some cases, increased premiums.
Any new technology acquisition should begin with these six questions:
Tackling these basic questions can help you decide whether it’s best to build or buy. For instance, do you have the resources in-house to build a new system? And does your IT team understand surety, or is their expertise limited to property-casualty?
- What’s your objective?
- What’s the scope of your project?
- What’s your time frame?
- What’s your budget?
- Do you have the expertise and resources in-house to devote to the project?
- What does success look like (what’s your ROI)?
We can help you decide what the best route is to take. Join the surety ecosystem by speaking to someone from Tinubu today. Tinubu is the industry-leading SaaS platform vendor that combines technology software and insurance expertise. It covers the entire value chain of credit insurance & surety with one end-to-end platform, connecting every part of its clients' business with one digital highway. Created in 2000 and headquartered in Paris, France, Tinubu is an independent software provider and employs 170 people, located in Paris, London, New York, Orlando, Singapore, and Montreal. Its clients represent 30 of the top 60 credit & surety underwriters worldwide and over 200 brokers and agents.
Senior Vice President, Americas