The June 2024 report outlines how insurers can reduce technical debt through strategic IT modernization to meet rising customer demands for rapid, personalized, omnichannel services. Legacy, inflexible IT systems limit agility, so a hybrid approach combining incremental improvements and selective greenfield development is recommended. Success depends on clear blueprints, roadmaps, and updated governance to avoid replicating outdated processes. Modernization at both code and architecture levels builds momentum, while leadership and cultural shifts ensure sustainable transformation. The process is iterative and requires patience, but it enables insurers to retain valuable legacy data and capabilities while evolving technologically.

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