The New Insurance Ecosystem: How Approaches to Core Systems Are Expanding With the Point Solution Ecosystem

A major InsurTech trend in 2022 has been the growing importance and visibility of point solutions: Aite-Novarica Group report

Boston, MA (Oct. 27, 2022) – Insurers have always worked with point solutions to help provide capabilities outside of their core administration systems. The difference today is an increase in options. Even though an insurer might identify multiple point solutions that provide different value for different use cases, that doesn’t mean the insurer can engage with all of them at once. The issue isn’t the cost but the resources necessary to integrate with so many in parallel. Insurers should prioritize point solution projects based on value and need, and insurers should leverage ecosystem integration hubs to more easily bring point solutions into their infrastructure. Insurers, especially small and midsize insurers, can then more easily access high-value, technology-enabled capabilities that they couldn’t before.

As the point solution ecosystem continues to grow and core system solutions dominate insurer IT roadmaps and budgets, this report will help CIOs understand how these trends influence their decisions around core system vendors and make sense of new options for leveraging point solutions in their infrastructure.

Clients of Aite-Novarica Group’s Life, Annuities, & Benefits or Property & Casualty service can download this 13-page Impact Brief. To learn more about the topic covered in this Impact Brief, please contact [email protected].

This report mentions ALIP, BriteCore, Duck Creek, FAST, Guidewire, Majesco, OIPA, Origami Risk, OWIT Global, Penn River, Socotra, and Solartis.

Click here to access the report.

About Aite-Novarica Group

Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. For more information, visit aite-novarica.com.

Source: Aite-Novarica Group

Tags: Aite-Novarica Group, Ecosystem, InsurTech, trends
Read the original article at Insurance-Canada.ca