Core modernization is becoming a strategic mandate for L&A insurers, to enable transformation on the back of uncertainties induced by the pandemic and market stresses. L&A insurers are adopting a platforms-based approach to core modernization, by breaking free from the limitations of legacy core and driving improved operational efficiency, agility, scalability, and front-to-back experiences. The L&A insurance core platform software vendors are responding to these demand themes by developing solutions to enable insurers to support the entire life insurance value chain. In addition, the industry software vendors are investing in building cloud readiness capabilities and modern microservices-enabled architecture, which enables rapid integrations and easy configurability, to help L&A insurers develop a digital foundation with the end-goal of becoming more agile, efficient, and customer centric.

In this report, we analyze the L&A insurance core platform software transactions activity, market size, growth drivers, state of platform adoption across various market segments, and implications for L&A insurance carriers and platform vendors.

Scope

• State of core platform adoption in L&A insurance market
• Marquee deals signed by platform vendors
• Implications for L&A insurance carriers and platform vendors

Membership(s)

Insurance Information Technology

Sourcing and Vendor Management