Part 1 in the Series “6 Essential Characteristics of a Core Insurance Platform“
The commercial insurance sector often contends with a stigma of being old-fashioned technologically. This partially stems from the industry’s innate risk-aversion, making insurers slow to adopt innovations, even ones with potential for tremendous upside. However, insurers’ core software system is pivotal for unlocking true advancement. Modern, sophisticated systems enable enormous leaps in capabilities and customer experience, accelerating new market leaders ahead of lagging competitors. As technology rapidly evolves across nearly every dimension of property and casualty insurance, the divide will continue to widen between insurance organizations still reliant on out-date legacy systems and those propelling their business into the digital future via cutting-edge software.
So, what should you be looking for in a modern technology platform? While the bells and whistles are exciting, a modern platform must establish a solid technology foundation that exceeds your current needs and prepares your organization for the future.
The underlying technology platform is the bedrock of every software product and underscores the long-term viability of the solution. Resiliency of this platform is essential to meet customer expectations in the face of faults and challenges to normal operations, to maintain optimal availability, and to always fulfill business continuity requirements. A modern platform should be able to distribute workloads across geographically dispersed networks being safeguarded with multi-layered security, giving them the ability to withstand challenges such as disruptions from natural disasters, power outages, or cyberattacks; allowing your business operations to remain uninterrupted.
Built in and for the cloud from inception, cloud-native systems emanate flexibility, innovation velocity, resilience, and economies-of-scale. Cloud-native solutions empower businesses to scale effortlessly, optimize costs, and access their data and applications securely from anywhere in the world. It’s not just a technological shift; it’s a revolution in how businesses leverage and manage their core infrastructure.
Innovative and Future-Proof
Achieving transformative innovation requires insurance core systems that embrace entirely new ways of solving business challenges. To be ready for the uncertain future, the technology supporting your business must empower rapid adaptation amidst unpredictable challenges. Insurers stuck with frozen legacy architectures will continue to be hindered by reactionary systems struggling to keep pace. Modern technology built to scale innovation at their foundation empower forward-looking insurers reshape insurance and conquer their markets. The most future-ready architecture is that which accelerates envisioning and delivering improvements that keep insurers perpetually ahead of rivals still shackled to the status quo.
An insurer’s technology foundation is instrumental for lasting success, despite some legacy vendors attempting to mask antiquated infrastructure with superficial modernization. The reality is that dated core systems still flood the market and most are sneaky in their pitch of “modernization” to confuse buyers. Insurers must look well beyond short-lived cosmetic improvements, and uncover the few who truly offer a modern, future-proof architecture that can deliver and continually adapt amidst change. In a sector transforming exponentially, core insurance software flexibility and extensibility will determine which insurers compete and conquer their markets.
Modern technology offers a resilient foundation, harnesses the power of the cloud, and paves the way for innovation. As you explore the possibilities, consider how embracing cutting-edge modern technology can elevate your business to new heights of success and resilience.
At Spear Technologies (www.spear-tech.com), we deliver modern, enterprise-class insurance software solutions on Microsoft’s Power Platform and Azure’s Trusted Cloud. Our solutions incorporate the best technology offers today with low-code customization, expandable architecture, and a rich ecosystem with hundreds of integrations out-of-the-box.