Tracking the Progress in Core Systems Replacement: Global Life Edition
Two years ago, one in three insurers reported being well into the program of change. Today, that number has doubled, with 50% of life/health insurers making significant inroads into their legacy modernisation programs.
Celent tracks the core systems vendor market on an annual basis in all geographies. These reports provide tremendous detail into the features and functions of these engines, as well as vendors’ implementation capabilities. This software market has matured over recent years, and there are more examples of successful implementations of core packages. Celent’s deal trends reports for Europe and North America continue to show positive trends.
In Tracking the Progress in Core Systems Replacement: Global Life Edition, Celent analyses data from 91 life and health insurers. The report provides an update on current and planned experiences with core systems. The report also expands on feedback around the current state of the IT environment, future plans, views on data migration, modernisation preferences, and vendor roles.
“Flexibility is missing from the older core systems, and this places restrictions on what the business is able to execute,” says Catherine Stagg-Macey, Senior Vice President with Celent’s Insurance Group and author of the report. “We have arrived at a point where the majority of insurers have realized that this is no longer good enough to stay in business.”
This report takes a look at the issue of core system replacement from the perspective of the insurers and forms part of an ongoing series (published every two years) exploring the progress insurers are making in this area. This report provides a life/health insurer perspective. There is a companion edition for P&C/general insurance.
This 23-page report contains eleven figures and one table.