Core Systems Modernization: Are We Making Progress or Churning?

Bookmark and Share

SMA Research Report, By Karen Furtado

Boston, Mass. (June 6, 2017) – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report: Bridging to the Future With Core Systems Modernization. The report analyzes P&C and L&A insurers’ progress in core systems modernization – and whether this is true progress or the churn of systems replacement. It also examines new modernization drivers and provides an SMA Call to Action for insurers ready to make the most of core systems modernization.

Key takeaways from the research include the following:

  • Four out of five insurers are actively investing in core systems modernization.
  • P&C insurers are making real strides in adopting modern core systems, especially claims.
  • L&A insurers’ modernization efforts are gaining significant momentum.
  • Support for the digital customer and support for emerging technologies, new data sources, and InsurTech are increasingly important drivers of core systems modernization.

“Core modernization continues to be a critical bridge for insurers preparing to connect today’s capabilities to those of a Next-Gen Insurer,” said Karen Furtado, SMA Partner and report author. “Modern core systems facilitate both internal and external transformation, preparing insurers to enable digital transactions, support the digital customer, and engage in the digital economy.”

Insurers, IT solution providers, and media that are interested in learning more should contact Karen Furtado at [email protected] or 978.239.2741.

About SMA

Exclusively serving the insurance industry, Strategy Meets Action (SMA) is an advisory services firm offering retainers, research, consulting, events, and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com.

SOURCE: Strategy Meets Action (SMA)

Tags: ,