Many insurers are faced with lengthy, costly development cycles to release new or modified products and pricing due to the limitations of legacy systems. Case in point: An insurer I talked to recently wanted to eliminate a single underwriting question from one of their products. Their estimated cost to update their screens, forms and policy administration system (PAS) was $1 million, and they were told the project would take three months.
Read more from our own Johan Nelis in PropertyCasualty360 here.
