The insurance legacy technology trap, which we see frequently through our work with insurers worldwide, frustrates operational efficiency and impacts the fight for relevance with customers, brokers and other insurance ecosystem partners.
Legacy IT issues are certainly not unique to insurance. But there are specific industry issues that make them particularly challenging for insurers to overcome. A tailored response is therefore essential.
Here we examine the issues that often arise when insurers grapple with the "Legacy Technology Trap." Conventional approaches may not provide the answers, so we suggest alternatives approaches to help.