In our 8-part series, "The Current State of Core Insurance Technology," we delved into the findings of a recent study conducted by Arizent Research on behalf of Origami Risk. The study sought to understand the current landscape of core insurance systems and explore the market sentiment toward adopting SaaS-based models. Through this comprehensive analysis, we uncovered essential insights that shed light on insurers' intentions to modernize their core technology, the challenges they face, and the crucial role of flexible modern cores in addressing key business priorities.
The 8 blogs touch on:
- The Drive for Modernization: The series kicked off with the revelation that a significant majority of insurers plan to modernize their core technology in the near future. This reflects the industry's recognition of the need to stay competitive in a rapidly evolving digital landscape. However, the study also highlighted that many organizations fail to grasp the connection between adopting a modern core and effectively addressing other critical business priorities.
- Overcoming Legacy Infrastructure: One of the most common challenges cited by insurers in their journey toward achieving key business objectives was legacy infrastructure. Legacy systems are often rigid, fragmented, and difficult to adapt to changing market demands. We explored how these outdated technologies hinder innovation, slow down processes, and increase operational complexities.
- The Role of SaaS-Based Models: The report emphasized the potential of multi-tenant vendor-hosted solutions in providing the critical flexibility and adaptability insurers need to overcome legacy hurdles. SaaS-based models offer numerous advantages, including streamlined maintenance, cost-effectiveness, scalability, and continuous updates, ensuring insurers can keep up with the ever-evolving technological landscape.
- Gaining Agility through Future-Proofing: The series encouraged insurers to focus on gaining agility through future-proofing their tech stack. Embracing flexible core platforms is essential for this endeavor, as they enable seamless integration with various systems across the enterprise. This agility empowers insurers to respond swiftly to market changes, customer demands, and emerging opportunities.
- Emphasizing Platform Selection: Choosing the right core platform emerged as a critical aspect of insurers' modernization journey. We discussed the key factors insurers should consider when evaluating core systems, such as scalability, interoperability, security, and user-friendliness. The series highlighted the significance of platforms that can seamlessly integrate with existing processes and accommodate future innovations.
- Leveraging Data and Analytics: Data and analytics play a pivotal role in the success of insurance companies. We explored how modern core systems can efficiently capture, analyze, and leverage data to make informed decisions, enhance risk assessment, optimize underwriting, and deliver superior customer experiences.
- Enhancing Customer Experience: The series also delved into the impact of modern core systems on customer experience. By streamlining processes, reducing response times, and offering personalized solutions, insurers can significantly improve customer satisfaction and retention.
By understanding the link between modern core technology and addressing key business priorities, insurers can overcome legacy challenges, gain agility, and enhance their overall operations. Embracing flexible, future-proof core platforms is the key to thriving in an ever-evolving insurance landscape. By adopting SaaS-based models and staying at the forefront of technological advancements, insurers can chart a course toward success in the digital era.
- The Current State of Core Insurance Technology Part 1: Three-year Priority Outlook
- The Current State of Core Insurance Technology Part 2: Underwriting Priorities
- The Current State of Core Insurance Technology Part 3: Claims Management Priorities
- The Current State of Core Insurance Technology Part 4: The Operating Environment
- The Current State of Core Insurance Technology Part 5: What Does it Take to be Transformative?
- The Current State of Core Insurance Technology Part 6: Core System Modernization
- The Current State of Core Insurance Technology Part 7: SaaS Adoption Trends
- The Current State of Core Insurance Technology Part 8: Factors for Selecting Core Providers