Northern Trust surveyed more than 250 senior investment managers at global insurance companies in the United States and Europe, to gain insights into whether they believe their operational infrastructures are prepared to meet the regulatory and competitive pressures on the horizon.
Key findings include:
• Many respondents are unsure of their systems' abilities to meet future regulatory requirements.
• Of survey respondents, 50 percent cited their current systems as being customised with obsolete code.
• Insurers may be unable to find the staff necessary to maintain their systems, with a high majority expecting up to a quarter of operations staff to retire within five years.
• The challenges faced by the industry are far greater than simply the need to upgrade systems.