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There are two systems revolutionizing the insurance space – policy administration and claims processing.
One question that is on the minds of every insurer is – “Should we continue on the existing path with traditional legacy systems, or pause, revamp the business model, strategies and take the leap towards a large scale transformation?”
It is also crucial to understand that the insurance core system consists of all the essential systems and processes that an insurance company uses to be in business. Infact, we consider the insurer as much a “core” asset as the automation or any other system that processes an application might be.
The four primary areas where insurance companies can benefit through modernizing their core IT systems:
Increased operations productivity
Optimized IT cost
Increase in premiums and reduced churn
Enable rapid introduction of new products to market