Organizational buy-in is crucial to applied analytics in insurance. (Photo: Shutterstock)
Deciding what data to use and how to incorporate third-party data effectively is the most important piece of any analytics project. Following the bread crumbs of this decision typically leads insurers to weigh the pros and cons of building their own analytics model or working with an outside tech provider. The aptly named "Build vs. Buy" dilemma involves a variety of intersecting decisions and considerations, including the availability of talent and infrastructure, time-to-market, breadth and depth of in-house data, regulatory challenges and an insurer's unique competitive position.
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