Have a read through the report 'Core Systems Purchasing To Thrive In The Digital World: What’s Hot – And What’s Not' by Strategy Meets Action (SMA). The report uses research and analysis data to talk about the following topics:
Digital transformation is essential for insurers to be able to compete in today’s market. We are beginning to see a new wave of capabilities required from policy, billing, and claims systems to support the world of digital transactions. Insurers are rethinking how core systems can support their businesses in sales and service in the digital age. As they make their investments in new core systems, a shift in their thinking has become apparent. Quick-win, built-to purpose core systems are hot. Cloud deployment allows for faster speed to market. Above all, what was once a question of core modernization, i.e., replacing legacy technology with modern core systems, has been eclipsed by the more expansive goal of core transformation.
We are heading toward a new world – and we are already further along that road than insurers may realize. InsurTech is already having a significant impact on distribution models, new products, and the technology available to insurers. These developments all challenge the fundamental ways that core systems have been built to respond and react to the new digital marketplace demands. Understanding the impact that these will have on the business of insurance and the capabilities required to absorb that impact will be critically important moving forward – including when insurers are making their next buying decisions for new core systems in the near future.
The new business models, new products in the market such as parametric products, and the new consumers of insurance will alter the core systems vendor landscape even further. Computing capabilities are being transformed by the InsurTech and emerging tech revolutions, and the business of insurance itself will alter what insurers require from their core systems. What we are seeing today is just the beginning.
Download the full report to read the rest!
Strategy Meets Action (SMA), is a strategic advisory firm delivering advice, consulting services, and published research to insurers, solution providers, and InsurTech start-ups. We provide insights and guidance to help our clients bridge today’s business strategies, plans, and technology investments to the new world of customer experience, digital transformation, emerging technologies, and InsurTech. Exclusively servicing the insurance industry, our mission is to help our clients excel today and position for tomorrow with the right technology decisions as unprecedented changes take place in our industry.