Peak3 Report: Multi-Country Cloud Platforms Cut Insurer Costs
By Varun Mittal
Peak3’s new report shows multi-country, cloud-native platforms can slash operational costs by 10% and IT costs by up to 70% for insurers, enabling cross-border growth and innovation.
Peak3 Report: Unified Platforms Drive Insurance Synergies
Global InsurTech provider Peak3 has released a new report, “How modern multi-country insurance core platforms are driving synergies,” highlighting a major shift in insurance modernization. The report argues that moving to unified, cloud-native core platforms can unlock significant cross-border benefits for insurers.
Peak3’s findings suggest that relying on fragmented, country-specific technology stacks hinders innovation and cost management. A multi-country strategy, conversely, offers substantial advantages:
- Operational cost reductions: Up to 10% savings.
- IT change and run cost savings: Between 40% and 70%.
- Accelerated product development and enhanced cross-market collaboration.
- Stronger ability to engage with distributors and broader ecosystems.
Scaling Innovation and AI Across Borders
Beyond cost efficiencies, the report emphasizes the strategic importance of these platforms for scaling products and innovations. Insurers can deploy and train AI applications across multiple markets using shared APIs and common data models, establishing a foundation for scalable, AI-first operations.
Adrien Lebegue, Peak3 CEO Europe & Middle East, stated that “modernizing systems country by country is no longer sufficient for major insurers.” He added that the true opportunity lies in a multi-country approach to harmonize operations and unlock cross-border synergies.
Bill Song, Peak3 co-founder and CEO, reinforced this view, emphasizing that “core modernization combined with harmonization will allow groups running on a single flexible core to outperform those with numerous local cores.”