Report Published by Celent
London, United Kingdom – February 07, 2011 – Insurers are tackling the challenge of legacy systems head on. Almost half of P&C insurers report that they are well under way in their modernisation projects.
Legacy IT is an intrinsic part of any established insurer, and because this legacy is placing constraints on business flexibility, the imperative of addressing it comes as no surprise. In a new report, Still Seeing the Shadow: Groundhog Day for Legacy Modernisation (P&C Edition), Celent provides an updated view on P&C insurers� progress in updating their infrastructure and systems.
It is imperative that the legacy problem is addressed. How this is done depends on the IT environment, business pain points, and the company�s appetite for risk. The maturity of SOA and modern PAS solutions make it more possible than ever to tackle the challenge of legacy. With careful deign and planning, insurers can avoid creating the next generation of legacy.
“Although insurers are well into this journey of modernisation, there is still a need for partnership for the final push in execution,” says Catherine Stagg-Macey, Senior Vice President with Celent’s Insurance Group and author of the report. “Particularly, insurers place value on partners with proven credentials in legacy modernisation and data conversion. These requirements reflect the progress most projects have made and the pain points they now experience in delivery.”
This report looks at the impact of legacy and how it can be measured. It goes on to discuss progress to date and provides an overview of emerging strategies and operational considerations being employed by insurers. The report concludes with some thoughts on tackling this problem.
This 34-page report contains 15 figures and two tables.
A table of contents for this report is available online.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC]. www.celent.com