Beyond P&C: Platform Modernization in Life Insurance and Group/Employee Benefits

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As the financial services market undergoes seemingly real-time changes, life insurers find themselves compelled to examine the way they do business

When trying to understand what the future state of life & annuity and group/employee benefits core systems will look like, it can be instructive to examine the property & casualty (P&C) space. Over the past 20 years, P&C insurers have embarked on journeys to modernize core systems with varying degrees of adoption and success.Several technology and platform vendors in the P&C core systems space have achieved critical mass, led by Guidewire’s $7 billion market cap and Duck Creek’s consistently strong growth. While very few P&C insurers have consolidated all their products on to a modern platform (or platforms), many have made meaningful progress for their critical lines of business.

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