2022 Industry Trends Report:
Modernizing Insurance Operations

From digital marketing to digital distribution and everything in between, it can sometimes seem as though the insurance industry has gone all-digital everything. However, if that’s the case, why do so many insurance companies continue to rely on decades-old technology to perform mission critical processes?

Earnix recently partnered with the Market Strategy Group LLC to conduct a research survey to understand where insurance companies stand in their effort to modernize their operations. We surveyed nearly 300 insurance executives to uncover their perspective on various modernization strategies.

The findings are insightful and will be valuable for any insurance company looking to benchmark their own transformation efforts. This research report highlights topics such as the specific processes most in need of improvement, how legacy technology prevents true progress, and other insurers’ top priorities when it comes to modernizing their operations.

Report highlights

The following are just a sample of some of the most interesting findings from the survey:

92% of insurers reported that operations modernization is either their top two or their top three to five priorities for the next two years.

Yet 44% admitted that they are just developing their strategies now.

At the same time, legacy systems continue to cause challenges. For example, 32% of respondents reported that it currently takes 7-12 months to make an underwriting rule change and deploy it into production.

The report also provides valuable recommendations for insurers looking to improve their transformation efforts.

Download the full report now to learn more.