For too long, many insurance businesses have been relying on outdated legacy platforms they either built themselves or purchased from niche vendors. However, while some of these proprietary systems were good in their day, they lack the power and flexibility to meet the needs of a rapidly evolving market.
This is where Big Technology comes in.
What is Big Technology?
Big Technology harnesses the scale and versatility of software providers, such as Salesforce, Oracle, or Microsoft, to leverage their application ecosystems and substantial R&D budgets in a way that proprietary software vendors simply cannot do.
Specialist insurance software providers, such as Novidea, can then build on Big Technology to create the functionality needed for their specific industry.