Managing the cost of technology implementation

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.