The word from Peak3 for you;
Peak3, a leading global insurance technology provider, today released a thought leadership report highlighting how multi-country insurance core modernisation is enabling insurers to unlock significant cross-border synergies to accelerate innovation and regional growth. Titled How modern multi-country insurance core platforms are driving synergies, the report explores how insurers operating across multiple markets can overcome fragmented legacy systems and unlock new levels of efficiency, innovation, and growth through a unified, cloud-native core platform approach.
According to the report, many international insurers continue to operate on disparate, country-specific technology stacks, limiting their ability to scale innovation, streamline operations, and deliver consistent customer experiences. These fragmented systems not only slow product development and increase operational costs but also prevent insurers from fully realising the value of their global footprint.
“Modernising systems country by country is no longer enough for major insurers”, said Adrien Lebegue, CEO Europe & Middle East at Peak3. “The real opportunity lies in adopting a multi-country approach that enables insurers to harmonise operations and unlock synergies across borders.”
“Technology should no longer be seen as a constraint, but as a growth engine. Insurers that take a cross-border approach to modernisation will be better positioned to innovate, scale, and compete in an increasingly digital and AI-driven market.”
While IT cost reduction remains a key driver for many insurers, the report reveals that the benefits of multi-country core platforms extend much further. Insurers adopting this approach can achieve:
· Up to 10% savings in operational costs
· 40% to 70% reductions in IT change and run costs
· Faster product development and regional rollout capabilities
· Improved collaboration across markets
· Enhanced ability to partner with distributors and ecosystems
By standardising workflows, such as underwriting, policy administration, and claims handling, insurers reduce duplication and increase consistency while maintaining the flexibility to meet local regulatory requirements.
The report also highlights how multi-country platforms enable insurers to rapidly scale successful products and innovations across markets. Instead of rebuilding products from scratch in each country, insurers can create adaptable frameworks that accelerate time-to-market and support regional expansion strategies.
The same applies to the development of (agentic) AI capabilities. Common APIs and an aligned data model across markets enables insurers to effectively deploy and train AI applications across borders, building the foundation for scalable AI-first operations. As Bill Song, Co-Founder and CEO of Peak3, recently wrote: “Core modernisation matters. But it should not just be modernisation, but rather be combined with harmonisation. The group that runs on one flexible, harmonised core will out-compound the group that runs on a dozen local cores.”
This capability is becoming increasingly critical as insurers face rising expectations from digital partners, enterprise clients, and consumers. As AI rapidly transforms underwriting, claims, customer service, and product development, insurers with modern multi-country core platforms will be better positioned to deploy AI at scale, unlock greater value from their data, and accelerate innovation across markets.
Driven by strong demand for digital-first, modular, and AI-first core insurance platforms, Peak3 has implementations in Ireland, Germany, France, the Netherlands and Turkey, amongst others, and is strategically investing to grow its footprint in the UK and across DACH (Germany, Austria, Switzerland), France, Spain, Italy, Benelux, and Scandinavia.
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