- Customers are unsatisfied with their engagement with insurers. Consumer needs have evolved and require sophisticated solutions that your current technology finds hard to support.
- Insurers are losing business to agile competitors. Speed to market is essential as traditional and non-traditional competitors rush to fill the gap and gain market share.
- Product development needs to be improved. New products are best created in an agile environment, not limited by the capabilities of legacy systems.
Our Advice
Critical Insight
- Challenges facing 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 are:
- Legacy systems are difficult and costly to maintain due to outdated technology.
- You need skilled workers to operate your outdated systems, but there need to be more developers who know older programming languages.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- Allocating funds toward outdated systems hinders your potential and innovation capacity.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demands and keep up with market changes, developing a robust strategy for implementing adaptable technology to replace outdated systems is crucial.
Impact and Result
- Technology needs to be the driver in meeting customer expectations. Technology must proactively understand client needs and bring enhancements to business leaders.
- Need the plan to phase out legacy systems. Investment in technology needs to be forward-looking and adapt to market changes and core business needs derived from customer experiences.