Insurance Core Systems Modernization Storyboard

Author(s): Ahmed Mapara

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Challenges facing the Insurance companies are:

  • Insurance customers have complex needs that current technology cannot fully meet. They need more advanced solutions to cater to the sophisticated demands of the clients.
  • Competitors' agility is causing insurers to lose business. Thus, speed to market is crucial as both traditional and non-traditional competitors are quickly trying to take advantage and grow their market share.
  • To improve product development, adopting an agile approach that doesn't limit the creation of new products to obsolete systems is critical.

Hindrances impeding a clear path:

  • Legacy systems are difficult and costly to maintain due to outdated technology.
  • You need skilled workers to operate your outdated systems, but there need to be more developers who know older programming languages. Outsourcing has become a necessity to keep your infrastructure sustainable.
  • Allocating funds toward outdated systems hinders your potential and innovation capacity.

The Info-Tech Approach:

  • Technology can improve customer experience and boost business productivity.
  • To meet customer demands and keep up with market changes, developing a robust strategy for implementing adaptable technology to replace outdated systems is crucial.

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