Transforming Insurance for the Digital Age: Application Modernization Strategies Published by Info-Tech Research Group

TORONTO, ONFeb. 2, 2024 /PRNewswire/ – Insurance companies are under increasing pressure to modernize their applications and embrace digital transformation to stay competitive in a fast-paced market. Faced with the dual challenges of navigating legacy system constraints and adapting to rapid market evolution, insurance companies are seeking effective pathways to enhance operational efficiency, bolster security, and improve user experiences. In response to this critical need, Info-Tech Research Group, a global leader in IT research and advisory, has published its latest blueprint, Modernize Your Applications for Insurance. This research-backed resource is designed to empower IT leaders in the insurance industry with the insights and strategies necessary to drive forward-looking change within their organizations.

“Today’s modern applications are tomorrow’s shelfware. They will gradually lose their value, and the supporting technologies will become obsolete. Therefore, modernization is a continuous need,” says Ricardo de Oliveira, research director at Info-Tech Research Group. “Many IT decision-makers struggle with determining the optimal time and methods for continuous modernization, given the perceived risk and high investment required.”

Info-Tech’s research delves into the cultural entrenchment of legacy applications within corporations and the resistance to change that often comes from both leadership and end users. This resistance, coupled with the absence of clear prioritization of organizational needs, further complicates modernization efforts with politics and bureaucracy, resulting in plans that may not align with the interests of all stakeholders. Therefore, the path to modernization becomes fraught with complexities, hindering the insurance industry’s ability to adapt and innovate effectively.

“IT leaders must focus on modernizing the capabilities and functions that matter to their organization to strengthen the case for further modernization efforts and build trust with all stakeholders,” explains Oliveira. “The goal is to deliver changes that benefit the entire organization, not just a single business or IT unit.”

The new resource advocates for a strategic approach to modernization, one that is attuned to the intricate business and technical complexities of the insurance industry. Central to this approach is the need for solutions that are not only technically sound but also able to keep pace with changing business models and end-user expectations. Info-Tech advises insurance industry IT leaders to focus their continuous modernization efforts on the following key characteristics and associated activities to drive business value:

  • Fit for Purpose: Ensure functionalities are designed and implemented to satisfy end users’ needs and solve their problems.
  • User-Centric: Prioritize the creation of applications that are rewarding, engaging, intuitive, and emotionally satisfying from the user’s perspective.
  • Adaptable: Build applications that can be quickly tailored to meet changing end-user and technology needs with reusable and customizable components.
  • Accessible: Ensure that end users have a seamless experience across all devices. The application and the end user’s preferred interface must be available on demand.
  • Private and Secured: Safeguard user activity and data from unauthorized access to maintain trust and compliance.
  • Informative and Insightful: Focus on applications that can deliver consumable, accurate, and trustworthy real-time data important to end users.
  • Seamless Application Connection: Provide an uninterrupted user experience by ensuring that the application facilitates direct interactions with one or more other applications.
  • Relationship and Network Building: The application should enable and promote the connection and interaction of people.

Digital transformation in the insurance industry is no longer a luxury but a necessity. As highlighted by Info-Tech’s research, IT leaders must embrace a modernized approach that involves gaining an in-depth understanding of technical complexities, risks, and impacts on their organizations. By doing so, insurance companies can position themselves at the forefront of innovation, ensuring they remain competitive, agile, and responsive to the evolving needs of their customers.

For exclusive and timely commentary from Ricardo de Oliveira, an applications expert, and access to the complete Modernize Your Applications for Insurance blueprint, please contact [email protected].

About Info-Tech Research Group

Info-Tech Research Group is one of the world’s leading information technology research and advisory firms, proudly serving over 30,000 professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For more than 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm’s Media Insiders program. To gain access, contact [email protected].

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

Shopping Cart

Media Kit

    Data Protection

    Personal Data (“Data”) submitted for Media Kit (“Media Kit”), and/or collected in the form of first name, last name, email address and other contact details may be used for the purposes of inviting you to future events and for reaching out to you with content which may be of interest to you. For these purposes, The Digital Banker will share the Data with our associate companies (including event and content sponsors) to promote their products and services. You will also be automatically subscribed as a user on www.thedigitalbanker.com. If you would like to opt-out, email us at [email protected].

    By clicking Submit, you acknowledge that you consent/ have sufficient informed consent to the collection, use and disclosure of Data as set out above.

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

        Data Protection

        The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

        Registration Form

          Data Protection

          The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

          Registration Form

            Data Protection

            The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

            Registration Form

              Data Protection

              The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

              Registration Form

                Data Protection

                The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                Registration Form

                  Data Protection

                  The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

                  The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

                  COVID-19
                  Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

                  Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

                  The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

                  Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

                  Request Nomination Pack

                  Error: Contact form not found.