New legislation and regulation as well as legacy systems communications are the top concerns facing the insurance industry, according to a recent survey.

Respondents said their top IT need over the next three years were “communication between legacy systems” (20 percent) followed by “integration” (17 percent), “claims” (11 percent), “policy administration” (11 percent), “broker communication (9 percent), “billing” (6 percent) and “adding multiple channels” (6 percent).

Sapiens International Corporation N.V. (Nasdaq: SPNS) released surveyed U.S.-based senior insurance executives on key industry issues and needs conducted at the recent Insurance Accounting and Systems Association (IASA) conference. And the top concern expressed in the survey was “new legislation/regulation and compliance,” listed by 33 percent of those surveyed.

Other issues (with percentages) ranked as the “main concern” for the insurance industry were “poor combined ratios” (17 percent), “risk management/potential terrorism” (11 percent), “inaccurate underwriting” (9 percent), “integrating the Internet” (8 percent), “fraud” (6 percent) and “increasing mergers and acquisitions” (5 percent).

Sapiens says the survey also showed significant increases expected in the use of the Internet to communicate with customers. While only five percent use the Internet for more than half of their current customer communication, 36 percent predict to reach this level of online interaction within the next three years.

The survey was conducted among 184 senior financial and technology insurance industry executives at the recent IASA conference in San Francisco in June.

Sapiens International Corporation: