What are the challenges currently facing senior insurance technology executives?
Gauches: The biggest challenge facing senior executives will be updating legacy systems. Legacy systems had huge success in the ’80s and ’90s, but they are not built to current technology standards. Senior executives of today will have to figure out how they move from yesterday to tomorrow in a cost-effective manner. A: Wojcik: Everybody seems to be talking about how to use technology to grow the business and less about squeezing cost. But it’s a real challenge to be able to increase distribution and vital customer service as the number of ways to interact with the customer is growing – particularly given some of the limitations of legacy systems. For a business, there is clearly a challenge to maintain and build lifetime or long-term relationships with best customers. A: Levine: Getting new products and new services turned around quickly enough will be a challenge. As a result, many executives will turn to outsourcing. But that also will create a challenge because outsourcing will con
