🌟 Honoured to be recognised as leaders in both Life and Retirement Insurance Platform Solutions, and Property and Casualty Insurance Platform Solutions in the 2024 ISG Provider Lens™ Insurance Platform Solutions report for Asia Pacific https://lnkd.in/dXCyJN8g and Europe https://lnkd.in/dYX9B7U3. Enabling accelerated innovation and digital transformation has always been our objective at Peak3, driving us to continuously enhance our core systems. 🚀 🤝 Connect with us to explore future relevance strategies: https://lnkd.in/dbpWKwHf #Peak3 #thenextgen #SaaS #insurance #insurtech #FutureReady #coremodernisation #ISGProviderLens ISG (Information Services Group)
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Europe’s Insurance Firms Strive to Foster Agility and Trust. Costly, outdated legacy core systems are viewed as significant obstacles to innovation and growing customer expectations. The 2024 ISG Provider Lens™ Insurance Platform Solutions report for Europe says that to meet constantly shifting customer needs and expectations, European insurers require core systems that can readily incorporate new features, enhance productivity, foster growth, and remain relevant in the future. Many are turning to providers to modernize their legacy systems by updating, upgrading or completely replacing outdated core systems with more efficient and effective solutions. Legacy core systems are the principal obstacle to innovation within the insurance sector, restricting the capability of insurers to adopt and benefit from state-of-the-art technologies, the ISG report says. According to the report, the detrimental consequences of clinging to a legacy core can be far-reaching. Maintaining obsolete systems and addressing interoperability challenges will lead to escalating IT costs and operational inefficiencies, ISG says. These unwelcome challenges inevitably detract from an insurer’s capacity to focus attention on critical business objectives, such as enhancing customer service, fostering growth and driving innovation, the ISG report says. According to the report, many European businesses are questioning the relevance of insurance, viewing it as an imposed purchase, one that merely provides a license for them to continue operating because of some legal liability or underlying condition. With forward-thinking insurers implementing innovative business models, the insurance industry has the potential to evolve into an ecosystem in which other businesses can operate with ease, the ISG report says. Initiating these efforts promptly will enable early movers to gain a competitive edge in the marketplace, the report says The 2024 ISG Provider Lens™ Insurance Platform Solutions report for Europe is available to subscribers here IPL Research (isg-one.com) #insurance #coresystems #insurtech #coremodernization #coretech ISG (Information Services Group) #ISGProviderLens TCS BaNCS Tata Consultancy Services Sapiens Peak3 (formerly ZA Tech) FINEOS DXC Technology INSTANDA Comarch Guidewire Software Duck Creek Technologies SSP Limited EIS Ltd ChainThat Limited Xceedance ORACLE FINANCIAL SERVICES SOFTWARE LIMITED Mphasis Wyde Mphasis Adacta Keylane adesso SE Lumera msg msg Insurance Infosys illumifin Fadata Socotra Majesco Insurity RDT Limited Genasys BriteCore Markit Systems Limited Insicon Lisa Perrott Alexander Woods Divya Srivastava John Boccuzzi, Jr. Thorsten Stüwe