Is legacy technology holding your insurance operations back?
Australian insurers have some of the oldest systems in operation, with some built as far back as the 1970s... Firms using these outdated systems suffer from sluggish feature upgrades, high maintenance costs and recruitment issues.
A spate of cyberattacks on Australian companies has drawn the vulnerabilities of these ageing tech stacks into sharp focus. If nothing changes, the Australian Insurance industry will suffer. In this report, we set out a better path by answering three major questions:
- Why do insurers depend on legacy systems?
- How are legacy systems posing an existential security threat?
- What can the insurance industry do to modernise?
Capitalising on Endava's global portfolio of Insurance projects and deep knowledge of the Australian market, the Key Challenges and Steps to Modernisation report is designed for decision makers who want to identify key systems issues and take actionable steps to resolve them through modernisation.
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