To build or buy? In the early 2000s, the answer was easy. Build! The reason why was simple. There just weren’t a whole lot of purpose-built solutions for carriers.
But that was almost a quarter-century ago, and over the last decade, the vendor marketplace has matured significantly. Today carriers can measure vendors against each other to see which solution is the best fit for their organization.
As insurers look to attract and retain policyholders in the competitive workers’ compensation marketplace, larger carriers with in-house tech teams are now weighing the merits of building or buying pay-as-you-go billing solutions.
When it comes to building a solution, there are a lot of variables to consider right off the bat, such as the size of the IT department, budget, time frame, etc. In addition, once you start building, many issues emerge that weren’t even considered.
No matter what stage you are in the decision-making process, we’ve highlighted four questions (based on 10+ years of conversations with insurers and our 40+ carrier clients)
you need to ask to help you avoid any potential pitfalls when considering building a pay-as-you-go solution.