When it comes to technology, the insurance industry tends to lag behind. Yet insurance executives overwhelmingly believe adopting modern technology will lead to long-term fiscal growth.
What's causing the disconnect between intentions and action? For many insurers, making an actual transition away from legacy systems is too daunting.
Insurance carriers are clinging to systems and processes that are decades old, silos of applications that create ongoing support and maintenance issues and rudimentary modernization still locked into old technology. While insurance companies understand that improving technology would be beneficial, change is often too difficult and daunting to take on while still maintaining full-business services.
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