Legacy systems, whether a few years young or decades old, simply were not designed for today’s business models and fast integrations. In fact, according to our “2020 Insurer Compass Report,” 88% of insurance professionals believe legacy systems are actually preventing insurance organizations from transforming quickly enough.
Enter coretech, a new category of solutions that employs customer-centric design, similar to an insurtech but with purpose-built end-to-end functionality and scalability that puts the customer at the center of every interaction while creating a detailed, dynamic, and accurate history of those interactions, transactions, claims, and more — even across lines of business.
As a result, coretech gives customers the ability to interact in the manner they choose and enables insurers to up sell and cross sell many different types of policies to a single customer across multiple product lines.
For those carriers seeking to become high-velocity P&C insurers, coretech is essential, offering more options for rapid integration with existing systems and other non-insurance vendors via a catalog of open APIs across the platform.
While platforms vary and offer a variety of options, coretech leaders all offer a common “core” group of features, including:
Open. A system that enables unfettered, inbound and outbound interactions through APIs and events while being easily adaptable to your business needs and partnerships.
Customer centric. A multiline platform that permits the introduction of any product in any channel and sold to any customer using thousands of open-source APIs. It provides low-code tools and leverages data-driven automation to blend channels into a unified or “channelless” experience.
Cloud native. Purpose built for the cloud, coretechs feature secure microservices architectures, containerization, event-driven capabilities and are cloud optimized for both AWS or Azure, rapidly scalable, and natively resilient. Beware of “modern legacy” solutions that have simply been deployed in the cloud, called “lift-and-shift,” and be sure to read the fine print closely.
SaaS delivered. Empowering you to focus on your core business while leaning on your SaaS provider for optimal performance, reliability, security, and compliance in a package with predictable pricing and the same extensibility as an owned deployment.
DevOps enabled. For rapid implementation, innovation, and transformation with fast and low-cost product launches, non-disruptive upgrades, automated builds, and continuous agile cycles that integrate, deploy, and deliver new or updated products.
Cost effective. By moving capital expenditures to operating expenses, coretech platforms promote cost predictability and reduce risk, lowering TCO and generating faster ROI.
Use the buyer’s evaluation checklist in our “Buyer’s Guide to Insurance Core Systems for P&C Insurers” to help evaluate coretech platforms. The checklist provides a framework for assessing not only the critical components and functionality of a core system, but also the key outcomes prioritized specifically by insurers.
For more information on coretech and the ways it can help your insurance company, download our ebook “When Insurtech Meets Coretech, the Customer Wins.”
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Author: Jess Hurley, EIS P&C Market Lead