There is a clear sense of urgency in Southeast Asia to upgrade legacy insurance systems as soon as possible.
Recent research shows that in Singapore, 63% of those in the insurance industry plan to upgrade in 2024.
Singapore is also placing a heavy emphasis on onboarding customer-centric technology (70% compared with 41% overall). Singapore has traditionally been under-served by technology, and organizations in-region are looking to turn this around and provide true value to the customer with their technology investments.
The message is clear - if businesses want to stay competitive in a highly competitive market like Southeast Asia, the time is now to upgrade legacy systems.
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*source- 'Legacy Out, Digitalization In: The State of Modern Insurance Technologies 2024'