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Legacy Modernisation
Why Legacy Modernisation?
More than 50% of insurers across the globe understand and accept that they are lagging behind other financial services with reference to digital technology. While they have embraced the shift, and moving away from what was created back in the 70s or 80s, one of the things they have identified as the biggest hurdle is the legacy systems [for digital transformation].
With the advent of new gadgets [handheld devices], customers are demanding services be made available anytime, anywhere and accessible from any device. It is crucial that insurers modernise their legacy systems to ensure business continuity and for growth.
The top drivers for legacy modernisation according to a survey by a leading research firm are,
75% Risk Mitigation
[upgrade technology/ upskill resources]
15% Revenue Generation
[Innovation, better products & services, data analytics & omni channel approach]
10% Optimising Cost
[self service model, automation & streamlined processes]
To improve product development capabilities, better digital experience,
and increase in opportunities for growth, there is a trade off with the cost and time taken to implement new solutions.
When upgrading legacy systems, technology disruptions aside, there could be potential shifts in the existing services, not to forget the additional costs [development and migration]. Over time, it has been observed that over 50% of the insurance system modernisations involve a new [PAS based] solution as it becomes difficult to maintain the current PAS into the future.
Read our whitepaper “Legacy Modernisation ” to know more!
