Legacy Systems CRIPPLE Insurance Industry’s Digital Transformation!

For quite some time now, the life insurance sector has been “going digital.” However, the pace of progress is disappointingly slow, with only sporadic breakthroughs.

Many of the traditional life insurance companies still face significant challenges with legacy systems.

Jake Littman, senior analyst with Corporate Insight’s life & annuity research division, stated, “So many carriers still host their policy management on legacy systems.” “Many are outdated and are built to support a more rudimentary user experience with only the most basic capabilities.”

Sureify, which developed a platform called Lifetime for managing life insurance and annuity sales, hosted a webinar entitled, “Why are the simplest Digital Transactions so hard in Life & Annuity?”

Joining Littman on the panel was Brian Weber, assistant vice president of marketing communications for Kuvare. Weber noted there’s far more to consider beyond the age of legacy systems.

“There’s a lot more, let’s just say, data architecture, that goes into a change that might seem simple, [but] actually has a lot more implications over the broader scope of systems,” Weber elaborated.

LIMRA research indicates a growing interest from younger adults, specifically Gen Z and Millennials, in actively researching and buying life insurance compared to using traditional approaches.