Transforming Insurance for the Digital Age: Application Modernization Strategies Published by Info-Tech Research Group

Info-Tech Research Group's latest research provides IT leaders in the insurance industry with a comprehensive understanding of modernization challenges and opportunities. The blueprint serves as a roadmap for effectively driving digital evolution, maintaining a competitive edge, and fostering business value through strategic modernization efforts for the insurance industry, all underpinned by advanced technologies.

TORONTO, ON, Feb. 2, 2024 /PRNewswire/ - Insurance companies are under increasing pressure to modernize their applications and embrace digital transformation to stay competitive in a fast-paced market. Faced with the dual challenges of navigating legacy system constraints and adapting to rapid market evolution, insurance companies are seeking effective pathways to enhance operational efficiency, bolster security, and improve user experiences. In response to this critical need, Info-Tech Research Group, a global leader in IT research and advisory, has published its latest blueprint, Modernize Your Applications for Insurance.This research-backed resource is designed to empower IT leaders in the insurance industry with the insights and strategies necessary to drive forward-looking change within their organizations.

"Today's modern applications are tomorrow's shelfware. They will gradually lose their value, and the supporting technologies will become obsolete. Therefore, modernization is a continuous need," says Ricardo de Oliveira, research director at Info-Tech Research Group. "Many IT decision-makers struggle with determining the optimal time and methods for continuous modernization, given the perceived risk and high investment required."

Info-Tech's research delves into the cultural entrenchment of legacy applications within corporations and the resistance to change that often comes from both leadership and end users. This resistance, coupled with the absence of clear prioritization of organizational needs, further complicates modernization efforts with politics and bureaucracy, resulting in plans that may not align with the interests of all stakeholders. Therefore, the path to modernization becomes fraught with complexities, hindering the insurance industry's ability to adapt and innovate effectively.

"IT leaders must focus on modernizing the capabilities and functions that matter to their organization to strengthen the case for further modernization efforts and build trust with all stakeholders," explains Oliveira. "The goal is to deliver changes that benefit the entire organization, not just a single business or IT unit."

The new resource advocates for a strategic approach to modernization, one that is attuned to the intricate business and technical complexities of the insurance industry. Central to this approach is the need for solutions that are not only technically sound but also able to keep pace with changing business models and end-user expectations. Info-Tech advises insurance industry IT leaders to focus their continuous modernization efforts on the following key characteristics and associated activities to drive business value:

• Fit for Purpose: Ensure functionalities are designed and implemented to satisfy end users' needs and solve their problems.
• User-Centric: Prioritize the creation of applications that are rewarding, engaging, intuitive, and emotionally satisfying from the user's perspective.
• Adaptable: Build applications that can be quickly tailored to meet changing end-user and technology needs with reusable and customizable components.
• Accessible: Ensure that end users have a seamless experience across all devices. The application and the end user's preferred interface must be available on demand.
• Private and Secured: Safeguard user activity and data from unauthorized access to maintain trust and compliance.
• Informative and Insightful: Focus on applications that can deliver consumable, accurate, and trustworthy real-time data important to end users.
• Seamless Application Connection: Provide an uninterrupted user experience by ensuring that the application facilitates direct interactions with one or more other applications.
• Relationship and Network Building: The application should enable and promote the connection and interaction of people.

Digital transformation in the insurance industry is no longer a luxury but a necessity. As highlighted by Info-Tech's research, IT leaders must embrace a modernized approach that involves gaining an in-depth understanding of technical complexities, risks, and impacts on their organizations. By doing so, insurance companies can position themselves at the forefront of innovation, ensuring they remain competitive, agile, and responsive to the evolving needs of their customers.

For exclusive and timely commentary from Ricardo de Oliveira, an applications expert, and access to the complete Modernize Your Applications for Insurance blueprint, please contact [email protected].

Info-Tech Research Group is one of the world's leading information technology research and advisory firms, proudly serving over 30,000 professionals. The company produces unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. For more than 25 years, Info-Tech has partnered closely with IT teams to provide them with everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.

Media professionals can register for unrestricted access to research across IT, HR, and software and hundreds of industry analysts through the firm's Media Insiders program. To gain access, contact [email protected]. 

For information about Info-Tech Research Group or to access the latest research, visit infotech.com and connect via LinkedIn and X.

SOURCE Info-Tech Research Group