What plans have P&C insurers made for new technology in 2021?

(It might surprise you!)

In October 2020, BriteCore published the results of its survey of P&C insurers and their plans for new core systems. The findings were intriguing.

>50%

of insurers were using systems more than 20 years old, or so old respondents did not know how old they were.

1 in 6

respondents planned to evaluate a core system within three years

1 in 10

respondents planned to do so within a year -- during 2021

Cover page of a use case study titled Modern Core Systems Enabling Transformation by SMA, featuring BriteCore Insurance Administration System and a quote by Karen Furtado about insurer transformation.

Page titled The Insurance Transformation Journey explaining how insurers progress through stages of maintain, replace+, modernize, optimize, and innovate, with a graph showing increasing business value and competitive positioning along a transformation journey arrow.

2021 is the year of digital acceleration.

In their report “Modern Core Systems Enabling Transformation,” SMA partners Mark Breading and Karen Furtado highlighted the acceleration of digital trends, the need for transformation, and the pivotal role of modern core systems. The report includes use cases of insurers who have realized: