Insurers eyeing tech upgrades for competitive edge.

January 26, 2024
1 min read

TLDR:
– 75% of insurance organisations worldwide are planning to implement new core insurance management systems in the next two years.
– A survey found that insurance organisations struggle with outdated technology and are investing in employee training to keep up with digital transformation.
– Key challenges include data quality, data privacy and security, and scalability.
– The majority of insurance organisations plan to overhaul their core technology systems in the next 12 months.

An in-depth analysis conducted by Novidea, a provider of cloud-based, data-driven insurance management platforms, found that 75% of insurance organisations worldwide are gearing up to embrace new core insurance management platforms within the next two years. The findings come from a survey involving 330 C-level leaders in the insurance industry across eight countries. The survey revealed that insurance organisations are struggling with aging, disparate technology and are investing in employee training to extract the most value from their systems. Leaders are acknowledging the need for a technological shift to meet customers’ expectations and improve the digital experience. Key challenges identified include data quality, data privacy and security, and scalability. The majority of insurance organisations plan to overhaul their core technology systems in the next 12 months.

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