The insurance industry is grappling with a complex landscape marked by a prolonged increase in cost-push inflation, new risk profiles due to changes in climate exposure, and digitally enabled consumers expecting modern, personalized experiences. Moreover, aging technology platforms and shifts in generational labor pools are compounding challenges that are likely to persist for many years. To expedite recovery and effectively tackle industry headwinds, Property and Casualty (P&C) insurers must actively drive technology-led business model innovation at speed and scale.
P&C insurers will need to transition from traditional systems to modernized core systems that enhance user experience and optimize operational efficiency. This shift requires insurers to move beyond making peripheral changes and prioritize a robust front-to-back transformation focused on revamping core systems. Selecting the right path for core transformation is essential for insurers, necessitating aligning with internal business and technology mandates. This also involves partnering with a system integration services provider that brings techno-functional expertise and a collaborative mindset to align with the growth vision.
In this viewpoint, we explore an emerging approach that addresses these needs by combining the power of a highly aligned software-as-a-service core with a low-code platform. In this approach, an optimized core drives the scale and breadth that makes cloud-based computing an attractive option, while localizing insurers’ customization into a ready-built low-code platform.
Scope
Industry: insurance
Geography: global
Contents
In this viewpoint, we:
Understand the need for core modernization to thrive and differentiate in a challenging market
Provide strategies to accelerate value creation across the core IT landscape
Present a business case for claims systems modernization with low-code PaaS integration into a modern core
Analyze an approach based on Objectives and Key Results (OKRs)
