The annual cost of managing the existing technology landscape is going up by three to five percent on an average, across the insurance industry. If old technologies and systems are not managed effectively, you are bound to lose more money in maintaining them. Even a simple regulatory change, which is a frequent event these days, will potentially impact several applications.
This increases the risk of non-compliance arising from multiple points of failure. Similarly, if you fail to identify and leverage new technologies, it will result in dissatisfied customers, slower time-to-market, and declining business growth.