FINEOS is a Business Reporter client
Too many insurance companies are using old-fashioned IT systems. In the past, these firms built their own back-end systems to enroll customers and process claims. They expected them to last decades, and they did. As a result, while in-house server rooms are a relic of the past, many insurance companies are still using outdated legacy systems that, as well as being inefficient and expensive to run, also fail to adequately address cyber-security and ensure the private transmission of information in the cloud.
