Build vs Buy – A Debate and Discussion On How To Create and Optimize A Decision Criteria (WEBINAR RECAST)

(This is a recast of the LIVE webinar hosted by Insurance Nerds, and sponsored by ProNavigator)

The webinar discusses the critical decision-making process of whether organizations should build or buy technology solutions, emphasizing the importance of differentiation, talent management, and understanding organizational DNA to make informed choices.

[00:00](https://www.youtube.com/watch?v=GzGBP1721zQ&t=0.88) Discussion on the importance of deciding between building internally or buying technology
– Introduction to the topic of buy versus build and its significance}
– Panel discussion with experts on the decision-making process}
– Initiating the conversation on creating a framework for decision-making}

[07:06](https://www.youtube.com/watch?v=GzGBP1721zQ&t=426.36) The importance of differentiation in business strategy
– Struggling to define what makes a business different and special}
– Differentiation as a key pillar in building a business strategy}
– Considering technology as a true differentiator for competitive advantage}
– Exploring the advantage of buying technology for talent extension}
– Using buying to bridge talent gap in the short term}

[14:12](https://www.youtube.com/watch?v=GzGBP1721zQ&t=852.24) Comparison between building and buying technology solutions
– Discussion on using Facebook’s model for free and fast}
– Importance of being nimble as an organization}
– Focus on what differentiates the organization and avoiding distractions}
– Benefits of not using complex technologies like Kubernetes}
– Advantages of having a smaller development team for faster progress}

[21:21](https://www.youtube.com/watch?v=GzGBP1721zQ&t=1281.24) Managing vendors and learning how to think about new technology is about people with good critical thinking skills that can be trained effectively within the company.
– Discussion on the importance of having the appropriate staff for buy versus build decisions.}
– Emphasizing the need for training people to think abstractly and handle details when necessary.}
– Building a culture within the company for vendor management and third party risk management.}
– Highlighting the importance of critical thinking skills in managing vendors and new technology effectively.}

[28:28](https://www.youtube.com/watch?v=GzGBP1721zQ&t=1708.919) The decision between building or buying technology solutions can be challenging
– The hybrid approach of building or buying technology solutions}
– Balancing internal development with external solutions}
– Challenges faced by IT teams when buying technology}
– The hybrid approach as a solution that satisfies both parties}

[35:36](https://www.youtube.com/watch?v=GzGBP1721zQ&t=2136.96) Importance of iterative development and feedback in technology
– Apps on phones are built iteratively with feedback cycles}
– Technology rapidly changes, requiring constant iteration}
– Constant feedback loop is an advantage of digital technologies}

[42:42](https://www.youtube.com/watch?v=GzGBP1721zQ&t=2562.76) Comparison of costs between building and buying software
– Controlled costs and transparency in buying software}
– Underestimation of future costs in building software}
– Common errors in estimating internal labor costs}

[49:53](https://www.youtube.com/watch?v=GzGBP1721zQ&t=2993) Exploring the decision-making process between building and buying solutions for organizations
– Discussing the importance of understanding the organization’s needs and goals}
– Emphasizing the benefits of aligning with the organization’s culture and strengths}
– Warning against forcing solutions that do not fit the organization’s identity}
– Highlighting the significance of a clear business strategy for long-term success}

Author

    by
  • Nick Lamparelli

    Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.

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About Nick Lamparelli

Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.

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