The Future is Composable Core: A 360* Approach to insurance modernization
As the insurance industry rapidly evolves with trends like AI, embedded insurance, and customer-centric digital experiences, one foundational challenge remains: legacy core systems. Despite the buzz around innovation, most insurers still operate on monolithic, siloed IT architectures that severely restrict agility, integration, and growth.
Novac Technologies, a leading tech partner with deep roots in the BFSI sector, presented a compelling vision at the India Insurtech Summit to tackle this core challenge head-on by championing a composable, modular core system designed to empower insurers today and for the future.
- Legacy Core Systems: Hurdles to Innovation and Customer Experience
Novac presentation broke down the key problem areas with traditional insurance cores:
- Siloed, inflexible monoliths: Tight coupling and lack of interoperability cause integration bottlenecks preventing insurers from connecting seamlessly with ecosystems, partners, and newer digital tools.
- Slow product launches & limited customer reach: Legacy systems slow down onboarding and claims processing, frustrating customers and agents alike, leading to loss of loyalty to more agile competitors.
- High IT maintenance costs: Most insurer IT budgets are swallowed up by legacy system upkeep, leaving little for innovation.
- Fragmented data: Disparate siloed data storage blocks a true 360° customer view, reducing personalized service and analytics.
- Regulatory and security risks: Outdated security frameworks expose insurers to compliance issues and cyber threats.
Together, these factors create a vicious cycle limiting insurers’ ability to innovate, scale, and serve a digitally savvy customer base.
- A Vision for the Future: Modular, API-First Composable Core
The cure according to Novac is a modernized core platform that is:
- Modular: Built with composable building blocks, where individual functional units (policy admin, underwriting, claims, reinsurance) can be assembled or iterated independently.
- API-first: Focused on standardized external and internal interfaces for seamless ecosystem integration — enabling quick connection with CKYC, EKYC, partner services, fintechs, health techs, and AI solutions.
- Cloud-native: Leveraging scalable, agile infrastructure that supports rapid deployment and updates.
- Low/no-code configurability: Enables insurers to create or modify products, rules, and workflows in-house in days or weeks, without heavy IT dependency—slashing time to market.
- Security and compliance embedded: Robust, regulation-ready frameworks woven into the platform guard against cyber risks and adapt swiftly to evolving legal norms.
This approach allows insurers to shift spending from maintaining legacy systems to fostering innovation, enabling tighter, connected journeys for customers and agents from onboarding through claims.
- Introducing Statim: Novac Composable Core Solution
At the heart of Novac offering is Statim, their digital core insurance platform, featuring:
- Product configurators with no-code/low-code tools enabling rapid product launches and tweaks.
- Comprehensive modules covering policy administration, underwriting, claims processing, and reinsurance — all modular and API-based.
- A digital transformation layer that unifies broker portals, partner onboarding, customer onboarding, marketing, and UI/UX design under one roof.
- Ecosystem partner integrations out-of-the-box, connecting easily with communication channels (WhatsApp, SMS), TPA services, and contact centers.
- Backend support functions including business intelligence, analytics, CRM, and data management with configurable reports and cloud-agnostic deployment.
- A unified platform fit for life and general insurance lines of business, serving insurers operating across multiple segments.
- Why Choose Novac?
Novac uniquely combines deep domain expertise—rooted in their history with the Shriram Group spanning 15 decades in BFSI—with advanced technology capabilities. This combination ensures:
- Products and journeys are designed with insurance business realities in mind, not just technology for technology’s sake.
- A future-ready platform, incorporating AI at every layer to enhance risk assessment, customer engagement, and operational efficiency.
- Agile implementation with industry-leading security standards.
A single-vendor solution that replaces disparate vendor patchworks, simplifying operations and accelerating digital transformation.
Novak uniquely combines deep domain expertise—rooted in their history with the Shriram Group spanning 15 decades in BFSI—with advanced technology capabilities. This combination ensures:
- Products and journeys are designed with insurance business realities in mind, not just technology for technology’s sake.
- A future-ready platform, incorporating AI at every layer to enhance risk assessment, customer engagement, and operational efficiency.
- Agile implementation with industry-leading security standards.
A single-vendor solution that replaces disparate vendor patchworks, simplifying operations and accelerating digital transformation.
- The Road Ahead: Building the Insurance Enterprise of Tomorrow
Modernizing the core is no longer optional it’s essential to meet the dynamic demands of insurers, customers, and regulators. Novac composable, API-first, cloud-native Statim platform delivers:
- Agility to build and launch innovative products swiftly.
- Seamless connectivity with evolving ecosystems and tech partners.
- Integrated customer and agent journeys delivering superior user experiences.
- Embedded security and regulatory compliance reducing operational risk.
Leveraged AI capabilities unlocking smarter underwriting, claims, and customer engagement.
By breaking free from legacy constraints, insurers can truly embrace digital-first, hyper-personalized, data-driven insurance — transforming challenges into growth opportunities.
- In summary:
Novac Technologies’ vision and Statim platform embody the future of insurance—modular, composable, connected, and intelligent. As Indian insurers face unprecedented market shifts, embracing such next-gen core modernization approaches will be pivotal to thrive and lead in the new digital age.
Speakers
K D Singh
ED & CBO
Novac Technology Solutions
