In a rapidly changing world, technology is an unavoidable means in any sector of activity, but it is never an end. When technology does not evolve to keep up with the change in the business context, particularly in the insurance industry, time may dictate that it becomes an end, due to the criticality that operational risks, not addressed at the right time, may represent.
Insurers face the old challenge of renewing themselves or dying to meet their clients’ increasingly specific needs and remain competitive. One of the pillars of this update is the architecture of computer systems, a real key issue, which can bring unquestionable competitive advantages … or quite the opposite.
In a world of constant technological evolution, insurers face the challenge of keeping up to date to meet the increasingly specific needs of their clients and remain competitive. This updating is based on several pillars, one of the main ones being the architecture of computer systems, which can either favour or hinder technological transformation. In this article we explore how the modernisation of this architecture can create opportunities for innovation and efficiency within insurance companies, while identifying some of the challenges related with legacy systems.