One of these forces facing the insurance industry today is the increasing power of the consumer. In order to find the right customers and keep them, insurers must be better at understanding them – their data, their needs and their way of thinking.This is very difficult to do if you have an aging legacy system or a range of systems that service the needs of individual departments and processes.
Many insurance companies today face a situation like the one to the right – no central system, no key customer record and very little information sharing. The customer is just not a central part of the system. This set up makes a customer-centric strategy extremely costly, if not impossible, to implement.