Architected for the future of insurance, coretech ensures you can provide a superior customer experience and meet emerging market needs across all product lines.
In a market overflowing with new insuretech entrants offering consumers the choices, speed, and simplicity they demand, it’s likely you’re struggling to stay competitive despite refreshing or even replacing your core systems only a few years ago.
That’s because most core systems vendors designed their solutions shortly before the ascendance of mobile apps, digital transformation, and the ecosystem economy. Consequently, many traditional insurers invested in what’s becoming known as “modern legacy” systems.
Although a considerable improvement over yesteryear’s mainframe-based core systems, modern legacy solutions follow the same antiquated product-centric model, which frequently require separate platforms for each business line. What’s more, such solutions are only “digital” on the surface, rather than throughout the technology stack, leading to an array of backend bottlenecks and customer experience inefficiencies.
For more, check out this excerpt from our recent InsurTech New York webinar “Core Systems Evolution: Modern legacy – The new legacy.”
Reimagine customer experiences across all lines of business
Fortunately, there’s a better way. Coretech, an emerging category of solutions, takes a fresh approach: using a customer-centric model similar to an insurtech. This allows you to upsell and cross sell many different types of policies to a single customer, even across product lines, from a consolidated view of the customer on a flexible, and scalable platform.
That’s right. Coretech is a multi-line solution that puts the customer at the foundation of every interaction with your company, whether it’s underwriting, claims, or billing.
Further, coretech solutions are born in the cloud, empowering your business users to quickly create the solutions they need for delivering frictionless customer journeys, rather than stand in line for IT.
Become the insurer you want to be with coretech
Coretech solutions offer three essential advantages for staying competitive in our rapidly evolving industry, giving you insurtech superpowers.
Speed to Deploy. The opposite of modern legacy system implementations, which are painful and risky due to proprietary technologies and monolithic architectures, coretech solutions use open technologies, streamlined architectures, and mature agile methodologies, cutting deployment time to business value from 18-24 months to several weeks.
Speed to Innovate. By providing thousands of APIs and business-friendly tools, advanced coretech solutions enable you to launch products quickly and then iterate on them rapidly based on market feedback. Although the industry average for new product launches is up to eight months, with product changes requiring up to three months, proven coretech solutions permit product launches in as little as six weeks.
Speed to Transform. With a coretech solution, transformations no longer require a dedicated, resource-intensive organizational initiative. Instead, transformation occurs organically every day, with your company moving fluidly between and within channels, as well as lines of business, to provide your policyholders with smooth and seamless experiences as market demands change.
Attributes of a leading coretech solution
To ensure you adopt the right coretech solution for meeting the challenges of today and tomorrow, evaluate whether an offering includes the following attributes:
- Customer-centric, where the same multi-line platform permits introducing any product, in any channel, and sold to any customer, using open source APIs, no-code or low-code business tools, and leveraging AI-assisted automation to blend channels into a unified experience whether B2C, B2B, or B2B2C.
- Cloud-native, which means purpose-built for the cloud. Beware modern legacy solutions that have simply migrated to the cloud, rather than being engineered to include cloud capabilities end-to-end. Look for critical cloud-native features and functionality such as secure microservices architectures, containerization, event-driven capabilities, cloud provider-agnostic, and rapidly scalable.
- DevOps-enabled, for rapid implementation, innovation, and transformation. Expect capabilities like fast and low-cost product launches, non-disruptive upgrades, automated builds, and continuous agile cycles that integrate, deploy and deliver new or updated products.
- SaaS-delivered, ensuring the platform can proactively supply the latest tools and capabilities. In addition to operating compliantly in the leading public cloud of your choice, you should also insist on a solution that adheres to the Open Web Application Security Platform (OWASP) Software Assurance Maturity Model (SAMM) framework.
No matter which coretech solution you choose, what’s most important is adopting a platform that enables fast responses to changing consumer expectations, including the ability to join ecosystems, establish partnerships with insurtechs and collaborate with an array of industry innovators, whether existing today or not envisioned yet.