Recognizing a growing threat by potential new entrants, insurers have acknowledged the need to transform core operations by implementing custom front ends, according to an in-depth study by Ovum titled, "Core Operations Modernization in the Global Insurance Industry."

The research, which used interviews with 530 senior IT decision-makers at insurance companies worldwide, cited major shifts in demographics, economic power, regulation, and technology over the next few years that will bring about the biggest reorganization that the global insurance industry has ever seen.

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