Core Insurance System
Core Insurance System, in German: core insurance system, is a name for a computer system that maps the core processes of an insurance company within information technology.
It is required to electronically process the typical core processes such as contract management, premium calculation, as well as claims and payment transactions. The software takes on the task of an ERP system in whole or in part : data from customers, partners, etc. is processed according to specific, previously defined rules and complete business processes for the insurance company are processed (for example, the creation of a contract from the first customer data entry offering an offer, calculating the premium, up to generating contracts and creating policies ).
The software used is usually installed on a - previously - particularly high-performance computer or a network of computers and performs the actual administration and processing of the data. Mainframe systems with legacy operating systems such as z / OS or BS2000 are usually still used as a platform for core insurance systems, which often contain a lot of Cobol or assembler code . According to a survey by SAP, 38 percent of insurers are of the opinion that their core insurance system is completely out of date, poorly integrated and can no longer be incrementally developed.
Compared to core banking systems , insurance companies predominantly use individual software , but increasingly also standard software .
Examples of core insurance systems are software solutions such as SAP for Insurance , COR & FJA Insurance Suite , tech11 Insurance Platform or Adcubum SYRIUS .
Individual evidence
- ↑ SAP.com SAP Survey Shows Insurance Executives Target Integrated Platform for Core Systems Modernization , accessed September 25, 2013
- ↑ Swiss Insurance from July 3, 2006: Standard and individual software for insurance companies: a long-running hit , accessed on September 25, 2013
- ↑ cio.de: What insurance companies are planning to do with ERP , accessed on September 25, 2013