Chennai: Core technology in life insurance is often referred to the core platform. It has become the backbone of all life insurers across the world.
The reason is, life insurance products are long term in nature. There are various products which are to be created and maintained to meet the needs of various life stages of a customer, and to do that, coreplatform is the silent executor.
It ensures that all financial promises that are made by the insurer are met if the products are set-up and maintained properly.
Even today, core platform gets the maximum attention in life insurance technology world.
According to Sankaranarayanan Raghavan, chief technology and data officer, IndiaFirst Life Insurance Company Limited, ‘Each insurer is planning or in the roadmap of creating or adopting to various microservices that are
needed for each of the business capabilities that are needed or may be for a product. It is not something which will happen overnight, as the transition will take time.’