Legacy tech hinders innovation and change in insurance companies, report finds.

TLDR:

Key points from the article:

• Legacy technology is hindering innovation and change in insurance companies.
• Fewer than half of industry executives consider their companies advanced in key areas of business evolution.

The article highlights the challenges faced by insurance companies in adapting to new technologies and evolving business practices. Many industry executives expressed that their companies are not advanced in critical areas of innovation, which is holding back progress. Legacy technology is cited as a major obstacle to implementing change and staying competitive in the market.

The article emphasizes the importance of overcoming these challenges to drive innovation and improve efficiency in the insurance industry. Companies need to invest in modern technology, update their systems, and adopt new approaches to stay ahead of the curve. By addressing these issues, insurance companies can unlock new opportunities for growth and success in the evolving market.