Upgrading technology or financial systems often goes more smoothly when multiple components are implemented together. (Photo: Shutterstock)

Many property & casualty insurance companies today are hiding a surprising secret: Their employees are burdened with process-related inefficiencies and manual tasks due to outmoded financial systems.

These are often homegrown systems that, over the years, have evolved into a Frankenstein’s monster of numerous stitched-together plug-in applications. This leads to increased maintenance costs, as more time and resources need to be expended nursing the system along so that it can function on a day-to-day basis. In addition, many daily users, faced with labor-intensive operations such as manual entries, have to spend more and more time just trying to work around the system.

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