In recent years, insurance companies have spent more money on legacy system maintenance than on packaged software applications, according to industry experts.There are several factors influencing this trend, but one undoubtedly stands out: Many insurers concur that there's a lack of robust software application options to fulfill their needs.

A newly launched initiative by Armonk, N.Y.-based IBM Corp. might have what it takes to pique insurer interest in software application investments.

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