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Introduction

To understand the true state of core operations modernization within the global insurance industry, Ovum has undertaken one of the largest independent studies of its kind, conducting in-depth interviews with 530 senior insurance decision-makers.

Highlights

  • The need to transform core operations environments is the most critical objective for many insurers if they are to compete effectively in a changing insurance market and be in a position to counter the threat posed by potential new entrants.

Features and Benefits

  • Assesses the drivers of core operations modernization by sector and region.
  • Identify and compare the key modernization strategies being implemented by insurers.

Key questions answered

  • What is the core operations modernization outlook within the insurance industry over the next 24 months?
  • What strategies and platform architectures are being used by carriers to achieve core operations modernization?

Table of contents

Summary

  • In brief
  • Ovum view

Market context

  • The insurance industry is poised for major change and threatened by new entrants
  • Many core operations environments remain fragmented, costly, and inflexible

Market challenges

  • Poor customer experience is the primary consequence of current core operations environments
  • Enhancing the customer experience is the primary goal of core operations modernization
  • Integrated channel functionality is a key goal of current modernization projects

Market outlook

  • The majority of carriers will be at a competitive disadvantage for the next three years
  • Insurers need to accelerate core operations modernization efforts

Appendix

  • Methodology
  • Author

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