Axa XL, Allianz and Covéa discussed how technical debt is holding the insurance industry back
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Post hosted a live webinar in association with Duck Creek Technologies, where an expert panel discussed how evergreen technology can deliver better customer experiences and help insurers to differentiate themselves in the market.
Technical debt remains a significant barrier in the drive for digital transformation in the insurance industry. For many years insurers have been held back by their outdated and mismatched legacy software systems. It is also true that in many instances, by the time a platform is implemented it’s out of date and it needs to go through an upgrade cycle.
While this technical debt can’t be eliminated, it still can be mitigated to a large extent. Insurance companies should be investing in becoming more innovative while improving customer satisfaction, rather than just keeping the technical lights on.
With evergreen technology, such as Software-as-a-Service, insurers can refresh and configure their core systems to deliver better outcomes for the customer without the fear of upgrades.
Topics covered were:
- What are the challenges insurers face migrating from a legacy approach to a more SaaS-driven one?
- How can insurers ensure IT spend is distributed in the right areas?
- How can flexible software solutions ensure businesses become more agile and resilient?
- What is the impact of adopting evergreen technologies on the customer experience?
- How can the use of these newer systems help businesses attract and retain the best talent?
Joining us for the discussion were:
- Scott Field, senior director of product marketing and strategy, Duck Creek Technologies
- David Richards, director of IT, Allianz
- Parul Kaul-Green, head of mergers and acquisitions and innovation, Axa XL
- Neil Walker, head of architecture and service, Covéa
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