Sample Page Title

An in-depth evaluation performed by Novidea, a supplier of cloud-based, data-driven insurance coverage administration platforms, discovered 75% of insurance coverage organizations worldwide are gearing as much as embrace new core insurance coverage administration platforms throughout the subsequent two years.

This revelation comes from the findings of a complete report titled “Legacy Out, Digitalization In: The State of Trendy Insurance coverage Applied sciences 2024.” The report is the results of a survey performed in 2023, involving 330 full-time C-level leaders within the insurance coverage trade throughout eight international locations. The survey seemed into the struggles of insurance coverage organizations with growing older, disparate know-how, leaving leaders with the issue to handle, scale, and leverage to maintain up with the fashionable digital transformation.

On common, a corporation manages six totally different insurance coverage know-how techniques, whereas the typical age of those techniques has been discovered to be no less than 5 years. Consequently, leaders have needed to spend money on the coaching of their staff to extract essentially the most worth from their know-how techniques, and the problem is larger with workers working remotely.

“The info exhibits that insurance coverage leaders are able to make future-forward choices concerning the technological shift required to higher meet clients’ expectations of a contemporary, digital-first expertise,” mentioned Roi Agababa, CEO of Novidea. “Because the survey exhibits, there’s a clear acknowledgment that present techniques are growing older, disconnected, and don’t help right this moment’s digital calls for.”

Key findings of the report

Agababa famous leaders additionally exhibit optimism with reference to their legacy tech, contemplating making upgrades. He sees this to be encouraging because the trade heads into the brand new yr.

The report’s key information factors present priceless insights into the technological challenges confronted by insurance coverage entities:

• A staggering 76% of enterprise insurance coverage organizations with over 5,000 staff handle between 6 and 10 insurance coverage applied sciences or extra
• Roughly 40% of insurance coverage company/dealer administration platforms and coverage administration techniques have been in use for five to fifteen years
• Notably, 99% of worldwide insurance coverage organizations have plans to overtake their core know-how techniques, with 41% aspiring to provoke this improve throughout the subsequent 12 months, and a further 34% planning adjustments by 2025
• Within the intricate regulatory panorama of the US insurance coverage market, lower than 25% of enterprise insurance coverage organizations specific confidence of their present know-how’s compliance help, and a considerable 77% discover it useful solely “a number of the time”

When questioned about their major challenges with present know-how techniques, insurance coverage leaders pinpointed points equivalent to information high quality (41%), information privateness and safety (35%), and scalability (35%). Notably, CEOs expressed heightened concern about scalability, with 50% figuring out it as a prime problem in comparison with 33% for the remainder of the C-suite.

Have any ideas about these new findings? Depart a remark beneath.