BriteCore, a leading provider of cloud-based policy administration solutions for P&C insurers, has released its 2024 Annual Core Systems Report, unveiling the top priorities, challenges, and trends shaping the insurance industry across North America. The report, which is based on a survey that gathered insights from 100 P&C insurance leaders, highlights a growing demand for core systems capable of delivering enhanced flexibility, agility, and advanced reporting and analytics.
Key findings from the Core System Report include:
- Two-thirds of P&C insurers (65%) are prioritizing investments in core systems that allow them to adapt quickly to market changes, launch new products, and expand into new regions.
- While 64% of respondents ranked flexibility of introducing new products, lines, and regions as a critical quality of core systems, satisfaction with current systems in this area lags significantly, with a 27% gap between importance and satisfaction.
- The survey reveals a sharp focus on data-driven decision-making, with 77% of insurers emphasizing the importance of robust reporting and analytics tools. However, only 42% are satisfied with their current systems’ ability to meet these needs, leaving a substantial gap between importance and satisfaction.
“P&C insurers are facing a fast-changing landscape, and our survey shows that flexibility and data insights are no longer optional—they are essential,” said Ray Villeneuve, CEO at BriteCore. “We’re dedicated to providing insurers with an agile, data-driven policy administration platform to help them stay competitive and adapt to industry changes.”
Stay Ahead of the Financial Curve with Our Latest Fintech News Updates!
