Bogged by Legacy Systems, Insurers Lose Competitive Edge

New research highlights the urgency for insurance companies to shift from complex, costly legacy systems burdened with outdated technology to modern systems to remain competitive in the current market, according to a new report released by Info-Tech Research Group.

The report, ‘Insurance Core Systems Modernization,’ offering a comprehensive blueprint designed to assist insurers in overcoming the significant barriers they face while modernizing their technology systems, states that agility and adaptability are crucial to maintaining a competitive edge and a strong market presence in the evolving landscape of insurance today.

Customer dissatisfaction with outdated engagement strategies is driving a shift, the information technology and advisory firm said, to more innovative and advanced solutions many legacy systems cannot deliver.

‘This gap is leading insurers to lose substantial ground to more agile competitors who are quicker to identify and exploit market opportunities, making speed to market an essential factor for success,’ the company added.