I was recently listening to keynotes at Pegaworld 2013, and after hearing Eric Martinez, EVP of Global Claims, Operations and Systems at AIG P&C, talk about his experiences in business and IT consolidation, it sparked a thought about the insurance software business in general.
The average age of insurance core technology systems across the industry is quite high, arguably because of the amount of insurance-specific intellectual property found in those systems. This has led to a real technology risk for those systems in terms of flexibility, cost, and ultimately, viability. They continue to hold the high ground against business process management (BPM) vendors with lightweight industry-specific frameworks, as insurers did not want to re-invent the IP wheel, so to speak.
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