Insurers are split over how best to update legacy systems and deal with the widespread of lack of IT integration that affects the industry, according to research conducted by the Economist Intelligence Unit on behalf of BT Global Services.
Whereas 37% of insurers' questions said they planned to upgrade existing legacy systems, 42% said they would rather adopt new ones.
But some 38% of insurers – both life and non-life – admit their current systems are hindering their ability to be agile and in particular to target existing and new customers to generate more business.
Andy Nicholson, managing director of finance industry solutions for BT Global Services UK, said, “UK insurers have set tough targets for the future and are looking increasingly at tools which will help them face up to and capitalise on new opportunities.”
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