P&C insurance core system vendors are a vanishing breed that is being displaced by vendors offering core insurance platforms with a wider range of capabilities. By partnering with a suitable platform vendor, P&C insurance CIOs can accelerate their organization's digital transformation.
Impacts and Recommendations
- The broad range of capabilities needed to support digital business models has turned the attention of P&C insurance CIOs away from traditional core systems toward the industry-agnostic concept of the digital business technology platform
- The pace of change in the industry is driving P&C insurance CIOs to favor vendors offering P&C core platforms with capabilities beyond core systems that can jump-start digital transformation
- The emergence of new competitive threats has increased the sense of urgency and firmly established the need for growth as the primary driver for legacy replacement in the minds of P&C insurance CIOs and business leaders
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