“Customer experience and improved business performance is hindered not only by reticence to update business processes, but by an infrastructure underpinning that must be selectively modernized to best take advantage of it.”
Forrester report shows that this urgent goal is hindered by cost citing 99% of insurers struggling to fund their digital transformation plans.
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But those changes come with new pressures of their own. Even though customer self-service is expected to drive down some costs for insurers, almost all respondents said that funding digital initiatives was challenging them. When asked what was causing funding pressure, the leading reasons given were: We have too many different commercial software licenses (53%)Commercial software support costs keep rising (50%)We are locked into long-term contracts (45%)“The same monolithic technology and practices that have kept insurers relatively stable for decades are now holding them back when it comes to digital transformation,” the survey says. “Customer experience and improved business performance is hindered not only by reticence to update business processes, but by an infrastructure underpinning that must be selectively modernized to best take advantage of it.”
https://www.dig-in.com/news/insurers-focus-on-transforming-core-to-go-digital
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