While it is not unheard of for insurers to devote 80% of their IT budgets to maintaining legacy systems, Duck Creek reported there are four solutions to rectify issues with outdated systems. (Credit: treety/Shutterstock.com)
The insurance industry has been in a state of flux, with new technologies, data-driven processes and growing customer demands being major drivers behind this time of change. And while many changes are good — such as the digital transformation of insurance and what that has meant for companies and customers alike — some of these changes have resulted in the industry facing its share of new challenges.
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