October 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 us at email@example.com.
This report mentions ALIP, BriteCore, Duck Creek, FAST, Guidewire, Majesco, OIPA, Origami Risk, OWIT Global, Penn River, Socotra, and Solartis.