Artificial intelligence (AI) has been discussed everywhere over the last few years, and now it’s made its way into the commercial insurance industry. Organizations are using AI and machine learning for everything from streamlining operations to offering more personalized care and better customer service. There is an increasing sense of urgency about getting started on the AI journey. The question is how? Do they develop a custom solution in-house or purchase a third-party solution already on the market?
At first blush, the temptation to build can be strong — after all, you can design exactly what you want for your specific environment. But, in reality, it’s hard to accurately weigh the perceived benefits of a highly customized internal platform against the time and cost requirements compared to purchasing a tested, third-party solution. To help figure out the best course of action for your organization, I’d like to share some criteria that may guide you.