Amplifying the legacy tech issue, according to the report, is a lack of digital leadership (identified as a significant issue by 38%), misalignment between business and IT (38%), absence of a business case for change (35%), lack of funding (34%), and insufficient executive backing (32%). (Credit: photka/Adobe Stock ) Amplifying the legacy tech issue, according to the report, is a lack of digital leadership (identified as a significant issue by 38%), misalignment between business and IT (38%), absence of a business case for change (35%), lack of funding (34%), and insufficient executive backing (32%). (Credit: photka/Adobe Stock )

Legacy technology systems and infrastructure are blocking the adoption of digital tools and new ways of working at insurance companies. That's the consensus of nearly half of the 200 insurance executives recently surveyed by EPAM Systems, a digital transformation services and product engineering company.

Additionally, more than one-third (39%) of all respondents representing both commercial and consumer lines said legacy technology is slowing innovation and change across the business, while 34% claimed it is preventing them from getting new products and services to market quickly. Fewer than half consider their companies "advanced" in the main areas of business evolution.

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