Core system transformations remain a key priority for P/C insurers, with 80% driven by the need to replace legacy systems, followed by improving speed to market and operational efficiency. Most insurers use phased rollouts by line of business, while 29% adopt hybrid strategies. Projects often exceed cost and time expectations, ranging from $5 million to over $100 million and lasting 18 months to seven years. Data migration and change management are the biggest challenges. Despite initial hurdles, 85% of insurers report long-term value through gains in efficiency, straight-through processing, and faster market delivery.

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