One of the most common questions asked of a software vendor is “who do you consider to be your competition?”. Bond-Pro has existed for over 20+ years, completed 10 software development life cycles, released thousands of product enhancements, invested 500,000+ development hours, millions of dollars, and is recognized as a market leader. Yet our number one competitor continues to be Sureties who attempt to create and maintain a homegrown systems internally.
Defying modern, commonly accepted practices (outsourcing, cloud, COTS), insurance companies continue spend on internal IT projects at greater rates than most other industries. Critical business and technical decisions are often based on the combination of flawed notions that:
- it is cheaper/faster to do it themselves
- they can effectively customize existing systems to accommodate Surety
- homegrown systems will enable them achieve competitive advantages
Our best clients tend to be those carriers, brokers and agencies who have gone down this path, learned difficult lessons, and have chosen to focus on underwriting Surety rather than engaging in the arduous discipline of software development.
The following are some of the things to consider when conducting a Buy vs Build analysis of a Surety System: