In partnership with Datos Insights
The Modernization Imperative
The insurance industry is at a crossroads. Carriers recognize the urgent need to modernize legacy systems and business processes to meet rising customer expectations, capitalize on emerging technologies, accelerate speed to market, and remain competitive.
This report examines:
- Key drivers reshaping the insurance industry
- The challenges legacy systems impose
- How implementing a modernization strategy that prioritizes delivering business value throughout the transition can be an attractive option
Modernizing Legacy Tech in Insurance
There are internal and external pressures for insurers to modernize, but large-scale core system replacement initiatives are enormously complex, risky, and resource-intensive. As a result, many insurers find themselves constrained by legacy platforms that stifle their ability to be nimble and innovate.
Strategies to employ an incremental approach focused on enhancing the customer experience, enabling speed and agility, and pursuing incremental enhancements can help address immediate challenges while working toward the long-term modernization vision.
About Datos Insights
Datos Insights is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts.
FintechOS’s fintech enablement platform simplifies and accelerates end-to-end product innovation, enabling banks and insurers to decouple product and experience innovation from monolithic systems, extending the life of their legacy systems. With a focus on speed, personalization, and ecosystem integration, FintechOS empowers businesses to achieve rapid innovation and deliver exceptional customer experiences. With over 50 customers, the company serves renowned clients and partners worldwide, including Groupe Société Générale, Admiral Insurance Group, and Howden Group. FintechOS solutions have empowered these partners to streamline operations, launch ground-breaking products, and significantly enhance customer satisfaction.