If new software doesn't communicate with their legacy system properly, insurers can face delays and data errors that head downstream to their agents, brokers and insureds. (Adobe Stock) If new software doesn’t communicate with an insurance carrier’s legacy system properly, the company can face delays and data errors that head downstream to its agents, brokers and insureds. (Adobe Stock)

In today’s world, the value of data continues to grow throughout the insurance industry. Those that have the resources to make investments in advanced enterprise or policy administration systems increase their ability to use modern analytics, share data seamlessly across multiple systems and help ensure data accuracy.

While larger insurers usually have these vast resources, many small-to-mid-sized carriers, program administrators and managing general agents (MGAs) do not; instead, they stick with older “legacy” systems. These limit their ability to leverage the power of new technologies and make them vulnerable to data accuracy risks, especially when they introduce new products, upgrade software or make other system changes.

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