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An SMA Research Report


Authors:

Karen Furtado, Partner

Publication Date: June 7, 2016

Number of Pages: 14

Price: $1,495.00 USD

Core modernization is a major way that insurers are positioning for the future to support the new business models and products that are being developed and to leverage new data sources. This research gives insurers insight on industry-wide core modernization efforts through the lens of insurers’ core buying decisions in 2015.

Insurers’ Core Systems Buying Trends investigates patterns in insurers’ core modernization decisions, including which core components are being purchased, what core-adjacent functionality is included (e.g., data and analytics tools, portals), which lines of business will be supported, and how the capabilities will be deployed.

This report:

  • Highlights the core components with the greatest market momentum – including the continued trend toward suites,
  • Identifies the core systems most likely to be deployed in the cloud,
  • Describes the extended functionality available in modern core systems (e.g., data and analytics tools, portals),
  • Analyzes the incidence of this extended functionality in different core systems and different deployment models, and
  • Concludes by examining the core buying decisions of insurers by line of business and tier to illuminate differing priorities among different types of insurers.

Figure 1 is an example diagram from the report, showing the integration of extended core-adjacent functionality in modern core systems.

 

 20160607 CoreTrends

 

Table of Contents

  • Core Buying Trends: Positioning to Become a Next-Gen Insurer 3
  • The Big Trends 3
  • Extending Functionality in Core Systems 5
  • Suites and Policy-Plus
  • Functionality Included in Multi-Component vs. Stand-Alone Core Systems
  • Policy
  • Billing
  • Claims
  • Hosting and Extended Functionality
  • Core Uptake by Line of Business 10
  • Cloud Deployment in 2015 11
  • Lines of Business
  • Insurer Size
  • Call to Action: Positioning for the Future with Modern Core Systems 13
  • About Strategy Meets Action and the Author 14