With ever-increasing competition, leveraging modern digital technology is fundamental for insurance companies to retain market share, create competitive advantage and fuel growth. Today’s insurance customer has high expectations in terms of personalised products and seamless claims processes. The deployment of modern digital tools and systems is the key to meeting these criteria. This industry is changing fast and likely to continue to do so and insurance companies need to be able to adapt faster to meet customer demand.
In a business climate where AI is a hot topic, a lot of companies are faced with the challenge of updating a host of legacy applications before they can even consider the benefits of these new tools. Complex integrations, data challenges, and years of accumulated technical debt can make this seem like a daunting task. Outdated systems can impact performance efficiency and hold companies back from much needed innovation and change. These changes need not necessarily be radical, such as replacing entire core platforms. If a system has been successfully running for many years, then it would be reasonable to question a total replacement, which could be significant in terms of both cost and risk. Instead, it may be possible to modernise existing platforms that could then allow the company to adopt new technology for specific use cases much faster than if they were to tackle a major upgrade which could take years.
Often companies are acutely aware of the problem but lack the capacity or skill set to tackle it. Specialising in the insurance industry, Jade Software can provide a comprehensive review and work with your team to map current state and define a plan to drive digital transformation and reduce technical debt. There are many options to deal with this challenge and the specialist team from Jade can work out the best approach for individual companies.
The team at Jade Software are heading to the Adapt CIO Edge event in Sydney on 29 August to discuss this and other technology challenges facing Insurance Companies.
To learn more about application modernisation with Jade Software, visit our website.