A Flexible Core System is the Key to Carrier Success

Find the Right Partner to Deliver ItPresented by PropertyCasualty360 and OneShield

Businesses are experiencing a tectonic shift in how they operate, driven by the availability of advanced technologies—so much so that this trend has given rise to customer servicing expectations and a whole new acronym: CX or Customer Experience. Meeting the demands for convenience, self-service, and mobile options, all with personalization, is now key to winning in the era of “the customer is king”.

For carriers, coming out on top in this competitive environment depends on how fast they can adapt and adopt:

• Adapt to changing markets and customer expectations

• Adopt new and advanced technologies such as predictive analytics, machine learning, big data, Internet of Things (IoT), cloud computing, and telematics

These technologies help carriers achieve maximum efficiency, stay competitive, and win customer, broker, and agent loyalty.

According to Accenture, approximately 86% of carriers understand that to stay competitive, they must innovate at a more rapid pace than ever before.

The Legacy System Challenge

With aging legacy core systems unable to support advanced technologies, some carriers have attempted to build the desired capabilities internally—often a costly and time-consuming endeavor. Others have opted to partner with insurtechs and modern core system providers to create a flexible technology ecosystem. This strategy allows for:

• Easy integration of emerging tech as needed

• Greater operational efficiency

• Cost-effective innovation and responsiveness

The popularity of these tech ecosystems is growing. A report from Grand View Research estimates the insurtech market size at $5.45 billion in 2022, with a forecasted growth to $152.43 billion by 2030—a compound annual growth rate (CAGR) of 51.7% from 2022 to 2030.

Starting Off Right: How Carriers Can Prepare

To ensure successful partnerships in a digital-first world, carriers should consider the following:

1. Determine the Business Problem You're Trying to Solve

While the excitement of a new tech partnership can be high, carriers should begin by identifying and prioritizing their business needs and use cases. This clarity helps narrow the search to vendor solutions that are flexible and valuable both now and in the future.

2. Get Buy-In from Stakeholders Across the Organization

Executive support is critical, but don’t overlook key stakeholders in departments like claims, underwriting, and IT. These leaders provide important perspectives on real business needs and the technology’s integration potential. Their early involvement ensures smoother implementation.

3. Ensure Seamless Integration and Future-Ready Architecture

Technology tangles or incompatibilities can be costly. Look for flexible core systems that:

• Offer fully documented APIs

• Support seamless third-party integration

• Are built on microservices-based frameworks

This ensures your system can evolve as new needs arise and provides a future-proof foundation for innovation.

Partner With Us Along Your Technology Journey

OneShield provides business solutions for P&C insurers and MGAs of all sizes. OneShield's SaaS platforms include enterprise-level policy management, billing, claims, rating, relationship management, product configuration, business intelligence, and smart analytics.

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