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- Legacy systems are difficult and costly to maintain due to outdated technology.
- You need skilled workers to operate your outdated systems, but there need to be more developers who know older programming languages.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- Allocating funds toward outdated systems hinders your potential and innovation capacity.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demands and keep up with market changes, developing a robust strategy for implementing adaptable technology to replace outdated systems is crucial.