After Opening Day of baseball season last week and the release of SMA’s new report on core systems buying trends, I realized that you could equate the progress being made in core modernization with that of a baseball game. Could it be that we have entered the seventh inning stretch of this phase of the core modernization journey? Are we preparing to start a new game?
Our latest research, published in Core Systems Purchasing Reaches the Tipping Point: What’s Hot – And What’s Not, has identified a definite slowdown in the purchase of core systems in the US market. P&C insurers purchased 38% fewer new core systems in 2016 as compared to the year before. The flurry of new purchases that we saw in earlier “innings” (over the past 5-7 years) is wrapping up as insurers focus on implementing those new systems, improving their existing core environments, and looking ahead to understand the new requirements driven by the changing insurance market.
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