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CORE SYSTEMS

Zags White Paper Urges Insurers to Upgrade Core Systems

Staff Writer | May 18, 2015

Zags, a provider of software solutions to P&C and group life insurers, announces the publication of a white paper warning carriers that aging systems lack the ability to meet the challenges of today's highly competitive marketplace.

Titled “Study Exposes Critical Need for Insurers to Modernize Systems,” the document cites findings from an independent survey of IT executives Zags recently commissioned, supported by data from other respected sources, confirming industry-wide operational inefficiencies and missed sales opportunities resulting from outdated systems.

"A key takeaway from this paper is that seven of ten insurers are still using systems 10- to 25-years-old for their policy, administration, billing, and claims processing," says Olivier Jaillon, CEO of Zags. "That's a real wake-up call, given that technology has advanced enormously since most of these legacy systems were installed."

Because of this, Jaillon asserts, insurers are missing out on an array of game-changing technologies such as business intelligence, connectivity, collaboration, mobile commerce, and other tools that can boost productivity and profitability throughout the insurance lifecycle.

For example, among the older system shortcomings the white paper exposes is a lack of speed bringing new products to market. Another is an inability to serve newly empowered customers who now research and purchase products in entirely different ways. Legacy systems also have limited ability to analyze and share information, both internally and externally.

For each of these deficiencies, the white paper discusses new technologies and integrated solutions that offer powerful collaborative tools, fully automated processing, and embedded business intelligence, which can perform smart tasks like developing new product features, setting better rates, identifying costly inefficiencies, and reducing fraudulent claims.

Download a complimentary copy of the white paper.


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