Hartford Financial Services Group said it is planning a major upgrade to technology it uses to manage property/casualty insurance policies.

A company spokesman would not disclose how much the insurer is spending but told Carrier Management via email that it is a “significant investment.”

Plans call for The Hartford to shift to the Guidewire PolicyCenter as its new underwriting and policy administration platform system. The Hartford President Doug Elliot said in a statement that the investment will help grow its business and boost efficiency. According to a company release, the new technology relies on more automation, better data analytics and “real-time reporting capabilities.” It’s designed to build on Guidewire ClaimCenter, which The Hartford licensed in 2012 as its new P/C claims management system.

The tech investment comes along with an ongoing company strategy to streamline and focus more heavily on property/casualty, group benefits and mutual funds. It is also the first major tech modernization for The Hartford announced since Christopher Swift became CEO in June. He replaced Liam McGee, who had been in charge since 2009 but had a brain tumor removed in January 2013 and stepped down recently due to health issues.

The Hartford’s investment hits as the insurance industry at large comes to terms with the need to pursue technology modernization to remain competitive globally. PricewaterhouseCoopers’ 16th Annual Global CEO Survey in 2013 revealed that 86 percent of industry leaders had plans to boost their investment in technology. But only 15 percent of respondents said they were making major investments in innovation, and PwC questioned whether insurers are moving fast enough to adapt.

The Hartford planned to hold an investor conference call to discuss 2014 second quarter earnings on July 31.