Excerpt: To understand why a purpose-built solution is best for employee benefits carriers requires a look at the ...
A comprehensive core system for today's insurers
Legacy core systems utilized a ‘one size fits all’ business technology approach that no longer fits the needs of an agile business. Today, consumers, employers and brokers have access to powerful SaaS computing platforms and software tools that set a much higher bar for an insurer’s digital strategy.
Monolithic insurance software models of the past focused solely on details of the insurance contract. Today’s core systems focus on product, consumer, and capabilities needed to provide frictionless customer engagement opportunities. Modern digital core systems are purpose built and component based to connect to other parts of the value chain through standardized APIs and industry standards.
To fully reap the benefits of digital transformation, insurers must embrace this core model to deliver the frictionless service both consumers and brokers now demand.