Last week, Julian Stainton, chief executive of private medical insurance (PMI) insurer WPA, claimed too few insurers were embracing the technological trend of improving automation and using AI within the point-of-claims process.
Mr Stainton told FTAdviser: "Legacy systems are the bane of all financial services businesses. We are in a period of constant revolution but large financial firms seem to suffer from 'corporatitis'.
"The attitude towards tech innovation is 'It's okay, but there's nothing wrong with the tech we have'. It seems many big commercial insurance companies still run on green screens and mini mainframes. They're simply sweating the assets to maximise the profits."