How to Build a New Insurance Program

As the insurance landscape evolves, there are several approaches to consider for taking a new, innovative insurance program from idea to reality. 

In this guide, we'll explore the three major avenues to creating a new insurance program: building it from scratch in-house, outsourcing to traditional partners, or partnering with an Insurance Infrastructure as a Service company like Boost.

Option 1: Build It Yourself

Building an insurance program from the ground up is a long, multifaceted undertaking that requires careful planning, meticulous attention to detail, and a robust set of resources. 

The main benefit of this route is the control. When you build your own insurance product, you have complete control over the concept, design, operations, compliance, and tech, so you can approach each area in a way that centers your business needs.

Complexities of Building an Insurance Program

The downside of building an insurance program, however, is that you have complete control. In other words: you have complete responsibility for every aspect of this undertaking, several parts of which may be outside your core business and expertise. 

Building an insurance program is a long and capital-intensive process, with heavy regulation adding considerable complexity. Here’s a brief, 10,000-ft view of the steps to getting your new insurance program off the ground: