…it should be the other way around. The insurance industry is undergoing a profound transformation. Regulatory frameworks are tightening, customer expectations are rising, and digital-first competitors are entering the market with speed and agility. These changes demand that insurers become more flexible, more innovative, and faster in their ability to launch new products and adapt to market shifts. Yet, despite years of investment in modernization, many insurers remain constrained by legacy systems that were never designed for this level of complexity and pace.
Legacy platforms were built for a time when markets were stable, product portfolios were simpler, and customer interactions were largely offline. Today, these systems have become a significant barrier to growth. They are rigid, costly to maintain, and unable to support the digital capabilities that insurers need to compete effectively.
Some of the most pressing challenges we have identified that insurers face with legacy technology are:
Launching a new product or making even minor adjustments often requires months of development and testing. Legacy systems depend on heavy coding and complex integrations, which means insurers cannot respond quickly to changing customer needs or regulatory requirements. In a market where speed is critical, this delay can result in lost revenue and missed opportunities.
Every change, whether it is a new tariff, a compliance update, or a product enhancement, requires IT involvement. This creates long backlogs and makes insurers dependent on scarce technical resources. Business teams often have to wait for months to implement changes, which slows down innovation and increases operational costs.
Regulations such as GDPR, IDD, and now DORA require insurers to adapt quickly and maintain transparency across their operations. Legacy systems struggle to meet these demands, forcing companies to rely on manual processes and workarounds that increase risk and reduce efficiency.
Modern customers expect seamless digital journeys, self-service options, and instant responses. Legacy systems, often siloed and lacking modern API capabilities, make it difficult to deliver a unified experience across channels. This disconnect can lead to customer dissatisfaction and lost business.
Maintaining outdated technology is expensive. Infrastructure costs, custom development, and integration efforts consume budgets that could otherwise be invested in innovation and customer experience improvements.
Delaying modernization can lead to consequences for your business. Insurers risk losing market share to competitors who can launch new products in weeks rather than years. They face higher operational risks due to manual processes and struggle to meet customer expectations for digital convenience and speed.
One Nordic insurer we’ve talked to faced these exact challenges; their ambition was to:
By adopting a configurable, low-code platform, they transformed their business. In just eight years, they grew from a modest portfolio to over €100 million in gross written premium. How did they achieve this?
This success story demonstrates what is possible when insurers move away from legacy systems and embrace technology designed for flexibility and growth.
This is where Knowit’s i2i platform makes the difference. Unlike traditional platforms, i2i is built for business-driven configuration, not custom coding. Its low-code architecture empowers business users to model products, automate workflows, and make changes without waiting for IT or external consultants.
At Knowit, we understand that modernizing your core system is only part of the journey. That’s why we combine the power of i2i with a full range of services to help insurers succeed in a digital-first world:
Together, Knowit offers a complete solution: a future-ready core system combined with the digital expertise and consulting power to transform the entire insurance value chain - from policy engine to customer experience. Reach out to me if you want to discuss further!