"You can make significant changes while maintaining a legacy system. Techniques like abstraction and robotic process automation are well established and enable you to make big gains in capability.”
Andrew Bond, CTO – EMEA, Oracle
From Legacy to Leadership (survey report)
Read our survey report to learn about the challenges insurers face in bridging the gap between legacy systems and new technologies. Then discover how digital modernisation with the right technology partner can create a winning strategy to cut costs, enhance customer experience, and improve overall operational efficiency.
Plotting your course for digital success
Every insurer today is on a challenging digital journey. Some are more advanced than others, and all insurers face important decisions as the need to digitalise and innovate becomes more pressing.
Making the right technology investments is vital for long-term success.
Core transformations are costly and can be risky, so the focus is now shifting to digital modernisation as an alternative.
Our survey highlights the current thinking of insurers and their appetite for modernisation.
We examine the cultural obstacles that must be overcome to achieve digital progress, what modernisation means in practice, and how Charles Taylor InsureTech can make it happen.
Forward-thinking: Modernisation attitudes and priorities
We surveyed more than 100 decision-makers in leading insurance firms. Key findings and modernisation insights include:
- 53% of organisations experience three or more negative impacts from legacy technology (eg, rising costs and issues with integration, partner channels, customer experience, and scalability)
- 84% of large carriers are reliant on legacy technology
- Insurers are held back by their lack of understanding about modernisation and how to implement it
- Insurers are concerned about the cost and disruption of tech upgrades
- 1 in 4 insurers have difficulty finding a suitable insurtech partner
- The importance of middle-layer technology in promoting modernisation
- The five key areas for successful modernisation
"We are replacing IT systems that are almost 30 years old. We needed a partner that could help us in implementing standard insurance processes that are generic rather than product specific so that we could use the same approach for all our products. Charles Taylor InsureTech has been this fantastic partner for us and this will help us create new products more quickly."
Ron van Eijk, Program Manager, Dela
"I can certainly say that today we have a partner in Charles Taylor InsureTech that has the expertise and agility to help us in the implementation of our strategic and operational business vision, and has bought into and shares that vision with us."
Jeannette Palacios, Project Manager for Core Change, Sura Seguros
"We were looking for a strategic technology partner to work closely with us in our ongoing plans to modernise the group. Charles Taylor InsureTech has made a clear long-term commitment to building its business in Latin America and has the global reach to support our growth ambitions. Its solutions and capabilities are also highly rated by independent analysts."
Luis Ramos, CIO, Seguros SURA Corporate
"(The Core transformation) wasn’t an easy process to start, but Charles Taylor InsureTech knew how to bring about change in their teams and vision. Today, they are a partner helping us in implementation – with the business vision and agility we need. We want to continue along this vein with all the developments we are seeing in the world of insurance."
Seguros SURA, Core Transformation Project Manager
"Through the new Core, we are integrating different platforms with different fronts so that clients can login and have a good experience. Charles Taylor InsureTech has been a great partner to help achieve this."
Seguros SURA, Core Transformation Project Management Leader