Where can insurance leaders go to find the P&C core platform vendors and solutions that are “out there”?
We’ve compiled an online directory of vendors offering P&C core platforms for insurance carriers in the US market.
How do you start shopping for a P&C core platform?
P&C insurance leaders replace core platforms infrequently. With a core system in place, many years, even decades, will go by before most consider a move to something new. Often this task falls to new leaders who were not involved in setting up the old system and are unfamiliar with current solutions. A common question is, “How can we find out who’s out there and what’s available in the market?”
This comes up frequently in discussions with insurance leaders who are serving as vendor references and looking back on how they got started. A few more colorful conversations stand out in my mind:
One CEO told me, “A board member recommended a vendor they knew. We checked them out. They looked OK. So, that’s who we went with. We didn’t bother looking at anyone else.”
Another CIO recalled his approach, “I realized we were going to need a new system.” He sighed. “So, I booked a flight to the next big industry conference and started wandering the vendor booths to see who was out there.”
Compared to the first example, a third insurance tech leader and his team were at the opposite end of the spectrum. They launched an initiative that looked at approximately 70 vendors and took nearly a year to complete.
There are pros and cons to each of these approaches above. I don’t necessarily recommend them, but they serve to illustrate a common challenge: it can be difficult to find current information on vendors and solutions that are active in the P&C core platform market.
An evolving market, unfiltered sources, and specialist vendors distort the picture.
P&C core platforms is an evolving market. Vendors are entering and leaving, mergers and acquisitions occur on a regular basis, and the entire market is still transitioning from an on-premises to a cloud-native, SaaS model. Ongoing vendor and product changes can render published listings that may be only a few months old out-of-date.
Some information sources have broad parameters not aligned with the needs of leaders with P&C insurance carriers. They may lump together solutions for P&C with Life and Health insurance solutions. Or, they may include a mix of agency management systems and systems intended only for MGAs/MGUs. Leaders with P&C insurance carriers must sort and filter through solutions that may use similar marketing collateral and buzzwords but are inappropriate for their needs.
Certain vendors have very specialized offerings. They focus on niche markets, such as surety bond management, or support only certain specialty lines of business, such as warranty. These vendors are often included in listings, but would not be appropriate for insurance leaders who are in the market for P&C core platforms capable of supporting a range of personal, commercial, and specialty lines of business.
The Coretech Insight Solution Directory
To help address this challenge of quickly finding current info on “who’s out there” in the P&C core platform market, we’ve compiled an online directory of vendors and solutions active in the US market accessible at the following link: Coretech Insight Solution Directory.
This directory includes vendors in the US market offering P&C core platforms that support personal, commercial, workers comp, and/or specialty lines of business, updated as of March 2022.
This directory excludes:
Vendors offering solutions for entities that are not insurance carriers (such as agencies, MGAs/MGUs, or self-insureds)
Solutions that only support certain specialty lines of business
Solutions focused on surety bond management
Happy hunting!