Insurance Edge spoke to Bart Patrick at Duck Creek Technologies to learn more about how data ecosystems can truly transform insurance companies.
IE; Lots of companies have adapted rapidly to working from home, more video calls and so on, but are there sectors within insurance that still need to change a bit quicker?
BP; The biggest challenge is probably the London market and all its ingrained history. There is still a great reluctance to change the way of doing things that’s been around for 300 years or so. Equally, there’s a great deal of caution there when it comes to upgrading IT and software, a feeling that it’s intrinsically important to `own’ something, to see green lights winking on the servers each day.
I would say that overall there’s been a massive investment in tech over the last few years, but it isn’t all money well spent. We have seen some companies endlessly bolting extras on top of a legacy system, I mean if you go deep enough in some places you will find monitors with green screens – seriously!