Legacy Systems Stalling Innovation in Singapore’s Insurance Industry

This article is based on insights shared by Raphael P. Young, Head of Financial Services, APAC, during an interview with Insurance Business Asia. For further perspectives on the insurance industry in APAC, please contact Mr. Young at [email protected].

A recent global survey by software engineering firm EPAM Systems, involving 200 insurance executives from various regions including Singapore, has revealed that outdated systems are the primary obstacle to innovation within the industry.

The report offers significant insights into the perspectives of insurance leaders and provides practical advice on digital modernization to maintain a competitive edge.

It highlighted that the insurance industry has traditionally relied on older technology for its core functions. While these systems were once vital, they now pose a challenge to meeting the demands of modern business operations.

As a result, conventional practices are under increasing pressure to deliver enhanced value to clients, shareholders, and employees.

Legacy technology a major barrier

Outdated technology infrastructure is identified as the most significant barrier to adopting new digital tools and methodologies, with 45% of companies acknowledging it as a major impediment.

Read the full article here.

Find out how EPAM helps engineer the future of insurance by infusing business strategy into technology-enabled solutions to drive superior outcomes: https://www.epam.com/industries/insurance