As an insurance executive, you are acutely aware of the mounting challenges stemming from decades of technical and process debt — estimated at a staggering $175 billion by HFS Research. In an industry facing rapidly escalating global risks, outdated legacy systems and processes are no longer sustainable. The cracks in these systems are becoming increasingly visible, pressuring insurers to modernize to remain competitive in a digitally-driven marketplace.
DXC’s insurance leadership, in collaboration with HFS analysts, has charted a pragmatic path forward. Inspired by the collective industry momentum in the London insurance markets, this path is centered on sustainable, incremental transformation. It requires a gradual approach — similar to how the London Market is driving transformation. DXC describes it in three key phases: protect, extend and transform. In the paper, HFS recommends a six-step process insurers should follow to tackle their debts and ensure their relevance in the changing world.
For insurance executives, the message is clear: inaction is not an option. Those who take incremental steps to modernize will position their organizations as leaders in an increasingly digital and data-driven industry. That doesn’t necessarily mean a complete replacement of legacy operating methods. Still, insurers should take inspiration from the London Market transformation by adopting incremental modernization — and leaning on the power of ecosystems. Insurers should begin with a strategic assessment and consider partnering with a proven leader such as DXC to navigate this complex, essential transformation journey.
Download your copy of the white paper and contact DXC to learn how we can help you on your transformation journey.