Realignment in Insurance: Legacy Core Impact

The insurance industry is at a fascinating crossroads. Name a pressure that is occurring, and insurers are experiencing it right now. These pressure points signal to insurers that they must rethink their business model and technology foundation to stay relevant and be positioned as leaders in the market.

Many insurers are realizing that their current operating models are falling out of synch and the technology platform that provided the foundation must be upgraded or replaced. However, technology debt has accumulated over decades. Too often the older systems that were to be replaced remained in place due to the cost to convert to the new system. The result has been that legacy never went away, remaining the same or even slightly growing.  New investments are needed to achieve scalability, agility, and competitive positioning.

If insurers are invested in reshaping the business model and technology foundation, they can achieve optimization and drive innovation. Those who are focused on and investing in replacing legacy core can unlock potential for their business and achieve growth and leadership as the market continues to evolve.

Read this report to better understand:

• Why legacy debt is now a significant operational risk for insurers.
• The trends in activity and expectations for core systems replacement.
• The importance of technology investment to ensure market leadership
• The growing gaps between Leaders, Followers, and Laggards in upgrading and replacing key systems, including core, distribution, data & analytics, rating, underwriting, loss control, and reinsurance.