The insurance industry is grappling with technical debt, which arises when shortcuts in IT infrastructure impede sustained and robust practices. Technical debt in insurance manifests as outdated pricing models, fragile spreadsheets, manual workflows, and limited accessible data. It is caused by factors such as sprawling legacy systems, a shortage of in-house technical expertise, risk aversion, and cultural resistance within organizations. Technical debt has various impacts, including data inefficiencies, compliance issues, and difficulties in recruiting and retaining talent. Insurers must tackle technical debt through a combination of incremental and transformational changes, fostering a culture of change and aligning strategies with broader organizational objectives. They should prioritize backlog creation, adaptive development processes, and pricing transformation for future readiness and competitiveness.