This is an update to Coretech Insight’s review of publicly announced coretech deals, which covers 316 announcements from 2015 through the third quarter of 2024.

The number of publicly announced deals for the first three quarters of 2024 set a new low for the past decade. Coretech vendors have experienced significantly decreased demand and extremely long sales cycles in 2024.

How does buyer appetite for P&C core platforms in 2024 compare with prior years?

This is an update to Coretech Insight’s ongoing review of public coretech deals, which now includes 312 public announcements from 2015 through the second quarter of 2024.

The number of public deals in the first quarter of 2024 was the lowest for any first quarter over the past decade. Deal announcements in the second quarter of 2024 remained well below average, with a drop in deals with insurers at the top and bottom of the market.

Coretech solution providers: Is your RPF response process maximizing opportunities with new clients?

An RFP gives solution providers an opportunity to showcase their offerings in compelling ways and helps buyers articulate goals, expectations, and critical requirements. Though sometimes derided as a necessary evil, an effective RFP process helps lay the foundation for a successful implementation.

Are buyers finding us? Is our website engaging? How do we compare with our peers? Coretech CMOs are continually asking these and other critical questions.

Coretech Insight reviewed over two dozen P&C core platform homepages and identified 1,500+ unique keywords and phrases. We cataloged these into 110 themes related to customers, outcomes, product capabilities, and differentiators.

Within the remarkable degree of overlap in content we found key differentiators that should receive more focus from vendors and buyers.

Selecting an insurance core system is more than looking for a solution that checks all the boxes on your functional checklist; it is about finding the solution provider fully aligned with your organization's priorities and values.

The following best practices can help system selection leaders be more effective, efficient, and successful in selecting the best-aligned solution provider and delivering business value quickly.

As a P&C coretech buyer, how do you identify key differences and zero in on your real options when it seems that every vendor promotes a modern, cloud-based core solution?

There is an aspect to each vendor profile that can be quite revealing: its customers.

To help buyers navigate the market more effectively, Coretech Insight includes customer totals and example customers in its solutions directory. Read more for tips on how insurers can use this information to screen vendors.

How strong is buyer appetite for P&C core platforms in 2024?

This is an update to Coretech Insight’s ongoing review of public coretech deals, which now incorporates 305 public announcements from 2015 through the first quarter of 2024.

After a robust recovery in 2021, the number of public coretech deals declined in 2022 and set a new annual low in 2023. The number of public deals in the first quarter of 2024 was the lowest for any first quarter over the past decade.

How will AI impact the life insurance industry?

Enthusiasts tout AI as a game changer, but it can be difficult for life insurers to translate the promises of AI into tangible business opportunities. This document is a repository of models and use cases from which all insurers might benefit as they keep pace with these advancing technologies.

How does P&C core platform buying activity in 2023 compare to prior years?

This is an update to Coretech Insight’s review of public coretech deals, which now includes 290 public announcements from 2015 through 2023 Q3.

After a slow start in early 2023, public deals dropped significantly in May. Deal volumes reached a new low in Q2 as buyers paused or shifted away from innovation toward safe bets for legacy modernization. 2023 may see the lowest number of new deals for all years in this review.

Highlands, NC and Seattle, WA (September 12, 2023) — Coretech Insight, an independent advisory firm serving insurers and coretech solution providers, today welcomes Steve Leigh to its professional services team. Steve brings invaluable industry experience and expands Coretech Insight insurance service offerings into the Life and Health insurance segments.

When insurance leaders consider a new cloud agile platform to bring a product to market, they face a critical question: Is the investment worth it?

Coretech Insight modeled three scenarios to quantify the business value of speed-to-market. The benefits were compelling.

However, what if things didn’t go as planned?

We used What-If scenarios to measure the impact of unanticipated costs, new resource requirements, and delays – common challenges with coretech – on the benefits of speed-to-market.

Last December, I found myself stranded on the side of a dark highway in Northeast Georgia.

What could have been an emergency turned into an opportunity to test predictions I had published in the past when “Insurance 2020” was the distant future.

The results were not what I expected.

How does P&C core platform buying activity in 2023 compare to prior years?

This is a quarterly update to Coretech Insight’s ongoing review of public coretech deals, which now incorporates 277 public announcements from 2015 through the first quarter of 2023.

After a slow start, demand returned to normal levels during the first quarter of 2023. However, some market leaders have been noticeably absent.

How did 2022 P&C core platform buying activity compare to prior years?

This is an update to our 11/23/22 article on public coretech deals. Our findings below incorporate press releases through the end of 2022.

We reviewed 262 press releases announcing new core platform selections from 1/1/2015 through 12/31/2022. While there were fewer deals, 2022 saw a continuation of earlier trends with shifts in buyers, objectives, market leaders, and platform types.

How did 2022 P&C core platform buying activity compare to prior years?

We reviewed 251 press releases announcing new platform selections from 2015 through 10/31/2022. Market activity has rebounded from 2020. However, there have been shifts in buyers, objectives, and the types of platforms they are selecting.

New market opportunities
require speed and agility.

Speed and agility can require
a significant investment in new tech.

This leads insurance leaders
to a critical question:

“Is the investment worth it?”

P&C insurers follow a four-stage modernization pattern that governs how they interact with insurtechs. Coretech platform vendors have assembled customer communities that can be a valuable sales pipeline. Insurtechs that fail to understand these stages or fail to effectively partner with coretech vendors will miss key opportunities.

How does scope impact P&C core system implementation timeframes?

We address this question and map the results of four implementation patterns P&C insurers use to manage scope and achieve faster core system go-lives.

We set out to address this question by reviewing hundreds of press releases from over three dozen core system vendors and their 600+ US and Canadian P&C insurance customers. These releases contained selection dates and subsequent go-live dates for 61 implementations with P&C insurance carriers.

We’ve mapped our findings by Tier, duration, core modules, and deployment type. Use this map to understand norms for other P&C insurers of your size and help validate your initial estimates. For key takeaways from our analysis and answers for your own implementation, read on.

Use these approaches to focus on business value and accelerate your P&C core platform implementation:

1. Adopt a policy of zero customization (zero custom development).

2. Move the platform into production as quickly as possible with its base capabilities.

3. Explore additional configuration after deployment.