While tried and tested is one characteristic of a legacy system, a more accurate and less useful one is siloed data.
But though many insurers are grappling with the question of whether to rip out their existing system and replace it with a shiny new one, in this exclusive article for Insurance Day, Co-founder and CEO Ben Huckel argues that there’s life in the old system yet. Insurers must find ways to resuscitate their legacy systems in order for them to remain competitive.
There’s no denying that established legacy systems still hold valuable data and functionality, underpinning the entire insurance process, but the reality is that these systems need to be supercharged and augmented to allow them to keep up with the rapid pace of change in the market.
Ben asserts that “the challenge for insurtechs and tech companies is to provide solutions that resolve existing and future data needs. From a business perspective, a solution that provides a pathway for rationalisation and integration, without losing the functionality (and vast amounts of legacy data) they need from existing systems. A solution that is, well, built for change”
Commercial insurance is a highly dynamic, evolving marketplace and with a new breed of “digital-first” entrants to the market more than ready to take on the incumbents, “standing still is not an option.”
Read Ben’s full article in Insurance Day here (subscription required).