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Choose the Right Approach to Modernizing Insurance Legacy Systems

The time has come to update your legacy systems but what approach should you take?  

From replatforming to replacing, there are many approaches to modernizing core systems, all of which differ in purpose, effect, value, cost, risk and impact. Insurance CIOs must assess business value, budget, risk appetite and architecture considerations to optimize the modernization process. 

For the Insurance industry, there are also additional factors to consider such as any potential risk to the business. CIOs must be diligent to ensure that their customers, staff and reputations are protected while undertaking any kind of modernisation project.  

To help with this decision, Version 1 presents a report from Gartner®; Choose the Right Approach to Modernizing Insurance Legacy Systems 

In this report, you will discover key findings, including:  

  • There are various core insurance application modernization and migration approaches, each of which varies substantially in terms of scope, effect, risk, cost and impact. Each approach has specific use cases. 
  • Insurance companies do not have the same risk tolerance, resources and money available for legacy modernization. Moreover, barriers to digital business associated with legacy systems have many causes, such as technical debt, incompatible architectures, or missing and obsolete insurance functionality. 
  • There is no single core system architecture for legacy modernization success. Monolithic systems are still the predominant COTS solutions.  

Fill in the form to gain complimentary access to the research report Choose the Right Approach to Modernizing Insurance Legacy Systems 

Disclaimer: 

Gartner, Choose the Right Approach to Modernizing Insurance Legacy Systems, Richard Natale, 21 March 2023. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.