Nearly 35% of respondents to Duck Creek’s recent global survey exploring the new standard in insurance identified high operating costs as the biggest obstacle to insurance businesses achieving profitable growth.
A further 24% identified lack of product differentiation as the biggest barrier, with respondents commonly identifying the pressures of the pace of change, speed to market, and the need for technology to keep up as obstacles to growth.
Regulation was also identified as a barrier to growth more than once in the comments, together with the battle against technical debt and slow legacy systems. Respondents also highlighted litigation as a growth restrictor, together with poor investment returns.
Overall, the responses to this question paint a picture of the insurance industry’s struggle to innovate in the emerging digital economy, and shine a spotlight on the issue of software developer talent being effectively locked out or excluded by industry complexity and antiquated legacy systems
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