One of the biggest challenges property and casualty insurers face today centers on the functionality of their legacy systems, which weren’t built to align or integrate with other platforms, external solutions and services available in today’s ecosystem. Many established P/C insurers employ multiple IT systems and platforms, often it seems haphazardly piecing together a patchwork of different solutions, much like a poorly designed dress, resulting in an inability to connect and speak effectively with one another. Smart, efficient systems integration is a solution that can bridge these disparate platforms, so they are better connected and seamless.
But systems integration is not easy, even as it’s so important to insurers right now. Market forces such as growth of digital platforms, massive implementations of modern policy administration systems, buying trends of younger generations, proliferation of broker portals and the rise of InsurTech businesses make it necessary. Realistically, no single-purpose insurance system or platform can deliver all the needs specific to every company. This means companies must be able to connect and pool internal and external resources and systems to streamline processes and effectively harness data.
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