Legacy systems are the albatross around the ancient "CIO's" neck!
"Ah! well a-day! what evil looks
Had I from old and young!
Instead of the cross, the Albatross
About my neck was hung."
Karl Heinz Passler is right to highlight this barrier to progress.
Luckily there are answers. See:-
And don't forget - incumbent analogue insurers have some inherent advantages over insurtech insurgents- they have large capital reserves and the strength to tale liabilities on balance sheet. So they can plan how to fight digital competitors by partnering with the right insurtech partners.
Get some advice-"Insurtech pack hunting down analogue insurers"
And don't take too long!
Blockbuster, Blackberry, and Kodak are just a few of the countless established companies that overlooked, underestimated, or reacted too late to advancing technology. The rise of the Internet and smartphones dramatically expanded the ability of insurance companies to engage with their customers regularly, retain them and sell them better covers. But several reports found that 68% of insurance companies see legacy systems as the biggest obstacle to digital transformation.