target audience: TECH BUYER Publication date: Feb 2023 - Document type: IDC Perspective - Doc Document number: # AP49079822
The Rise of Digital Core in Insurance: The Road to Modernization
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Abstract
This IDC Perspective offers insights into the prerequisites for digital core adoption by insurers. It essentially targets the dos and don'ts and the principles that insurance companies should consider while creating their strategy to transform their legacy core. The recommendations here recognize the need for transformation and why the time is now for insurers to act. A core transformation is not just an IT modernization effort but is rather a holistic approach to modernize an insurer's IT, processes, culture, and people. The main objective is to be more customer centric and meet client needs from every possible channel while staying aligned with the insurer's priority and ability.
It is important to note that modern consumers are looking for insurance products and services that are innovative, flexible, and personalized. The effective management of exceptional customer service by insurers will be determined by the choice of core transformation, which may include a combination of digital technology and operational overhaul.
"Insurance today is not a black and white landscape. Insurers must act to transform their core by leveraging the innovation potential of being digital in order to offer value-added solutions to customers across borders and ecosystems," says Surya Narayan Saha, research manager, IDC Financial Insights.