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Introduction

Ovum has undertaken independent research to understand the strategies being employed to deliver core processing modernization within the European insurance industry.

Highlights

  • Core processing within many European insurers remains fragmented, inflexible, and an increasing restriction on organizational agility.

Features and Benefits

  • Evaluates to what extent current core processing environments are limiting growth for European insurers.
  • Assesses the effectiveness of modernization strategies being employed by European insurers.

Key questions answered

  • How are current platforms limiting insurers from achieving their strategic goals?
  • What strategies are carriers using to deliver core processing modernization?

Table of contents

Summary

  • In brief
  • Ovum view
  • Key messages

Market context

  • Transforming core processing is critical within a restructured insurance market
  • Many insurance sectors will see significant change in relative attractiveness
  • Some insurers risk becoming irrelevant to millennials
  • The pace of technology disruption is set to accelerate
  • New entrants pose a very real danger for the insurance industry

Market challenges

  • Many core processing environments remain fragmented
  • Many core processing platforms in use today are stopping carriers achieving their strategic goals
  • ­­­Many current core systems inhibit insurers' ability to efficiently accommodate regulatory change
  • The majority of core systems do not align with carriers' broader strategic goals
  • Core processing and digital channel integration is a key emerging priority
  • Failure to build a comprehensive business case is inhibiting significant transformation
  • Lack of budget is driven by more than tough market conditions
  • Flexibility is the primary criteria for assessing replacement platforms

Market outlook

  • Many carriers are only partially addressing the issue of legacy modernization
  • Software releases are a low-risk but limited means of adding new capability
  • Modernization through service enabling is becoming less viable
  • Many modernization initiatives only partially address the transformation needed
  • The slow migration to COTS places carriers at risk
  • European insurers are slow to adopt cloud-based core processing

Appendix

  • Methodology
  • Breakdown of survey respondents
  • Further reading
  • Author

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