In a global report commissioned by Novidea, the digital transformation of the insurance industry takes center stage, revealing that 75% of insurance organisations worldwide are set to replace their core insurance management platforms by 2025. However, London Market brokers are accelerating their upgrade timeline to 2024, driven by the imminent arrival of Blueprint 2.0. The comprehensive report, titled “Legacy Out, Digitalization In: The State of Modern Insurance Technologies 2024,” is based on a 2023 survey of 330 C-level insurance leaders across eight countries. It sheds light on the challenges faced by the industry in dealing with aging and disparate technology, with only 13% of brokers feeling ‘very ready’ to meet the standards for upcoming Core Data Record (CDR) and Blueprint 2.0 developments. A staggering 75% of insurance organisations worldwide are preparing to implement new core insurance management platforms within the next two years, indicating a widespread commitment to digital transformation. Artemis ILS NYC 2024 conference In a notable acceleration, London Market brokers are hastening their upgrades to 2024, aligning with the arrival of Blueprint 2.0, a crucial industry development. However, the report underscores a significant readiness gap, with only 13% of brokers feeling adequately prepared for the impending Core […]
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