It’s said that death and taxes are life’s only two certainties, but for those in the insurance technology industry, core systems replacement is certainly high on that list. For about a decade, insurance companies have looked to modernize the technology platforms that underpin their business in earnest.
Novarica’s most recent research finds more than a quarter of insurers in the process of replacing their policy administration systems – a project the insurance technology analyst firm calls “painful, expensive, and necessary.” To mitigate the pain of the process, insurers are employing different strategies for rollouts, in order to get end users onto the new platform, with its promise of improved functionality, sooner and with less agitation.
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