Building the Digital Core of Insurance: Combining Product Strategy, Core Suite Platforms, and AI Solutions
DOI:
https://doi.org/10.22399/ijcesen.4171Keywords:
digital transformation, insurance technology, core platforms, artificial intelligence, product strategy, cloud computingAbstract
The insurance industry is undergoing unprecedented digital transformation, driven by evolving customer expectations, regulatory pressures, and competitive dynamics. This research examines the strategic integration of product development methodologies, core suite platforms, and artificial intelligence solutions to construct a comprehensive digital infrastructure for modern insurance operations. Through analysis of market data, vendor performance metrics, and implementation case studies from 2024-2025, this study reveals that successful digital transformation initiatives can achieve operational cost reductions of up to 48%, processing time improvements exceeding 80%, and revenue enhancements of 25% within five years of implementation. The convergence of cloud-native core platforms, AI-driven automation, and customer-centric product strategies represents a fundamental shift from legacy operational models toward agile, data-driven insurance ecosystems. Current market analysis indicates that while 87% of insurers plan AI adoption by 2024, only 7% have successfully implemented these technologies at scale, highlighting significant opportunities for competitive differentiation through comprehensive digital core architectures.
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