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McKinsey research shows that the potential benefits of modernization include a 40% reduction in IT cost, another 40% increase in operations productivity, accurate claims handling, and, in some cases, increased gross written premiums and reduced churn as well.
Two crucial questions to be addressed when a business is considering modernisation of their systems are,
“Modernisation simply means replacing the core platform with the best-in-class option” – do you agree with this statement or think it is a myth associated with legacy modernization? Well, if you thought it was a myth, you are right. Another myth is “ New age automated tools ensure seamless data conversion”
But there are quite a few myths around the entire modernization of legacy systems. In this ebook we break down the myths and tell you what modernisation entails and what you should look for when embarking on this journey.