The April 2024 report outlines strategies for life, annuities, and benefits insurers to modernize core systems by aligning technology with business strategy. Rather than pursuing “big bang” transformations, insurers are focusing on targeted system implementations for strategic product lines, differentiating service models by customer and channel needs, and considering cost-effective options like business process outsourcing. Many are selling nonstrategic blocks to improve profitability and reduce legacy technical debt. Investment is shifting toward configurable policy administration solutions that avoid heavy customization, enabling flexibility while minimizing future technical debt.

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