Modernising Core Insurance Systems Whitepaper

This whitepaper discusses the modernization of core insurance systems, focusing on the challenges faced by insurers using legacy systems. It outlines the critical issues such as limited business agility, security vulnerabilities, increased operational costs, and regulatory compliance challenges that hinder growth and innovation. The document emphasizes the importance of adopting a unified insurance platform, specifically Axon, which has been implemented by Keylane for over twenty-five years. It details key capabilities to consider when planning for modernization, including a modern data model for flexible product configurations, a layered architecture to maintain upgrade paths, and an open platform that supports seamless integrations. Additionally, it highlights the significance of a plugin framework for enhancing connectivity with external systems and the benefits of a headless architecture for developing innovative front-end solutions. The whitepaper aims to provide insights into preparing insurance businesses for future scenarios and ensuring operational efficiency.