Achieving the vision of digital insurance

Top ten

myths of legacy

in insurance

modernization

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Top ten myths of legacy modernization in insurance

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,

What approaches should the insurance company employ to modernize systems?
How can success be achieved at the end of the journey?

There are three key points to keep in mind when modernising your legacy systems.

“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.

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There are three key points to keep in mind when modernising your legacy systems.

Ensure business strategy and objectives alignment with the modernization initiative.

Choose vendors and partners based on knowledge and experience. Have a backup plan for risk mitigation.

Assess the business and technology value and leverage insight before making recommendations on the approach to modernization.

Read our eBook “Top ten myths of legacy modernization in insurance” to know more!

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