insurance and technology

Insurers Claim Software Failures Lead to Revenue Loss and Customer Attrition

Insurance Pulse

– New Research from Original Software –

Software application issues cost the insurance industry revenue and market share, according to 31 per cent of U.S. insurance executives in new research commissioned by Original Software, a leading software quality technology company.

The study of core software applications was conducted by Gatepoint Research who questioned 61 senior insurance executives, two thirds from firms with revenues of more than $1.5 billion.

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Insurance & Technology: How Insurers Can Avoid “Black Swans” in Product Launches

Insurance & Technology, a US publication that “provides insurance business and technology executives with the targeted information and analysis they need to be more profitable, productive and competitive,” recently published a contributed article by Original Software CEO Colin Armitage.

“We’ve all seen it happen: An IT project plagued with delays, changes and complications goes so far off the rails that it becomes a liability,” wrote Colin, describing projects such as new product launches that exceed budget by more than 200%–sometimes as much as 400%. Industry pundits call these projects “Black Swans.”

“Disasters are avoidable, though,” Colin reassured readers.

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