Top 10 Criteria for Selecting a Modern Core System Vendor

Duck Creek’s new eBook, “Accelerate Speed to Market for P&C Insurance Products,” is a practical guide to scaling innovation and deployment designed to help technology leaders — including CIOs, CTOs, product leaders, and application delivery managers —respond rapidly to changes in business strategy by developing and deploying products at scale, across all lines of business.

Among the topics covered in this important guide are the top 10 criteria for selecting a modern core system vendor — here’s a brief overview of what’s in store:

1. Industry and Line of Business Expertise: Learn how a modern core system vendor with the right industry and line of business expertise can accelerate product development and reduce project risk.
2. Scalable, Secure Cloud Infrastructure: A modern core system must leverage a world-class secure cloud infrastructure capable of scaling cloud resource utilization up or down as needed, while still meeting the unique needs of P&C insurance carriers.
3. Full Lifecycle Policy Management for Customers, Agents, and Employees: Understand what full lifecycle policy management means for a modern core system, and why having a configurable front-end user interface with drag-and-drop UI customization isn’t enough for a system to qualify as a modern core system.
4. Product Modularity and Inheritance for Accelerated Product Design: A vendor’s software architecture is key to its capability to support the carrier’s innovation strategy and, by extension, the carrier’s business strategy — get details on how product modularity, low-code software inheritance and a single point of change support these objectives.
5. Out-of-the-Box Product Acceleration Content: Learn about the different kinds of pre-built industry content and integrations for various lines of business that can truly accelerate product development and deployment.
6. Active Delivery Cloud Services: Legacy software development lifecycle management is costly in terms of resource utilization and business disruption. Find out what active delivery cloud services are all about, and how having them frees IT stakeholders to focus on the needs of the business.
7. Web-based Application Management: A powerful web-based application management portal is a foundational element of any modern core system, offering the DevOps team powerful software management, data gathering and assimilation tools.
8. Data Management Excellence: Data is a strategic asset to carriers which, if utilized properly, can provide the business intelligence to maximize direct written premium growth. Find out more about the different kinds of data a modern core system vendor must be able to integrate, analyze and report on to support growth in diverse markets.
9. Evaluating Solution Partners and System Integrators to Support Innovation Strategy: A vendor’s ecosystem of solution partners plays a pivotal role in a carrier’s ability to accelerate product development and delivery. Similarly, a system integrator (SI) can play a vital role in the successful transformation from legacy operating model to the new operating model. Discover how to select these ecosystem partners with targeted questions to determine best fit.
10. Peer Customer References: Deciding on a cloud-based core system vendor can be a challenge in today’s insurance systems market, given the proliferation of software and tools that claim to deliver great customer experiences for the carrier’s customers. Get answers to important questions as you evaluate the credibility a modern core system vendor brings to a project.

For more details on each of these criteria — and additional insights on how a new operating model with a modern core system as its foundation can deliver on growth objectives — download Duck Creek’s eBook today.