Please answer each part in 400-500 words.

The Top Management of Faisal Insurance is meeting to discuss their plan for a new Core Insurance Solution. Both the Mr Fayaz, Head of Underwriting and the COO, Mr. Mirza are of the strong opinion that the company should develop and implement a custom developed Core Insurance Product to be developed by the companys regular IT Partner. On the other hand, both, CIO, Mr. Aiyer and Ms Noushad, CFO are keen to move to a commercially available Cloud-based SaaS Core Insurance Product. The debate is getting heated as Ms Noushad also recalled past IT system implementation failures.

a. What arguments can Mr. Fayaz make in favor of a custom-developed Core Insurance Product?

b. What arguments can Mr Aiyer make in favor of a commercially available Cloud-based SaaS Core Insurance Product?