Property and casualty (P&C) insurance is a $2 trillion global industry in the beginning stages of a once-in-a-generation technology transition. Most P&C insurance companies continue to depend on 30-year-old "green screen" software running on COBOL, an outdated programming language which is difficult to upgrade or integrate with today's modern technology. This has become a structural constraint on insurer profitability and competitiveness, and the large technology incumbents have functionally inadequate offerings and custom development is prohibitively costly and risky. The "right" solution is a standard product platform generalized to the entire P&C industry, and the market winner in this space will enjoy very long-term customer relationships and the opportunity to provide many other applications and data services to a secure customer...
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