The insurance industry is facing pressure to innovate to keep up with evolving customer expectations for technology, driven by digital disruption across the entire economy. Policyholders want rapid, personalized, omnichannel experiences like those they get from tech leaders in banking and e-commerce. Meanwhile, insurers are struggling with rigid, dated IT environments that hinder their agility and ability to rapidly develop new capabilities.
This report discusses how insurers can adopt an incremental IT modernization approach to prioritize quick wins balanced with long-term technical debt reduction. It considers architectural, coding, and operational strategies for unwinding complexity at both the enterprise and system levels, offering best practices on defining target architectures, building roadmaps, identifying focus areas, and integrating modernization into governance. This report is based on Datos Insightsโ examination of legacy modernization efforts and challenges among insurance firms and other industries along with additional research and analysis. Conversations with technology leaders provided insights into lessons learned.
Clients of Datos Insightsโ Property & Casualty and Life, Annuities, & Benefits services can download this report.
About the Author
Martin Higgins
Martin Higgins is a Senior Principal at Datos Insights. He has over two decades of experience working in insurance technology, having served as Practice Director for Edgewater Consulting, where he was responsible for the companyโs property and casualty business nationwide. He has expertise in technology strategy, core system selection and implementation, Agile transformation and DevOps, business intelligence, systems integration, legacy...
Other Authors
Nancy Casbarro
Nancy Casbarro is Head of Insurance Advisory at Datos Insights. She has over 30 years of insurance technology experience, most of which wereย spent in senior IT leadership positions at MetLife. Most recently, Nancy served as the IT Solutions Delivery Vice President for the Group Benefits business at MetLife, supporting products, claims, underwriting, distribution development, and national accounts. Nancy also has...