2022 P&C Core Systems Purchasing Trends: Insurance Market Dynamics Shift Foundational Technology Needs

Tom Benton, Partner
Karen Furtado, Partner
Publication Date:
April 24, 2023
Number of Pages:
$1,495.00 USD

Digital transformation continues to drive technology innovation and investment at insurers. At the same time, they face new challenges of adapting to changing business environments and keeping up with the increasing pace of technology change. Insurers and MGAs rely on core systems as a critical strategic asset that can either enable or obstruct transformation goals. 

Every year, SMA analyzes the core systems purchasing habits of property & casualty insurers and MGAs to uncover market buying trends.  In this report, SMA highlights the key core system buying habits based on new deals in 2022. The report examines core systems purchases based on various configurations for policy, billing, and claims systems, as well as priorities based on segment, company size, and system deployment preferences.  The report concludes with recommendations for buyers when choosing solutions to support transformational objectives.    

Table of Contents

  • Executive Summary 3
  • Core Transformation Continues 4
  • Today's Core Systems Buying Landscape 4
  • Purchasing Analysis: Company Size/Segment 5
  • Large Insurers (DWP > $1B)
  • Small Insurers (DWP < $1B)
  • MGAs
  • Core Systems Suites vs. Components 7
  • Suites
  • Two Components (Policy/Billing)
  • Individual Core Components
  • Market Analysis: Lines of Business 8
  • Commercial Lines
  • Personal Lines
  • Both Personal and Commercial Lines
  • Cloud vs. On-premise Deployment 9
  • Leading Cloud Providers
  • SMA Call to Action 11
  • List of Participating Vendors 12
  • About Strategy Meets Action 13
  • Use of Our Reports
  • About the Authors