In our fast-paced technological world, innovation is the lifeblood of corporations striving to stay competitive and relevant. However, a hidden menace to innovation often lurks within corporate IT infrastructures: end-of-life technology. The term "end-of-life" (or “EOL”) refers to the phase when a technology, app, or product is no longer supported by its manufacturer or vendor and cannot be easily upgraded. That makes it increasingly susceptible to security vulnerabilities over time and a key source of operational inefficiencies and overhead costs.

Insurers know they have a problem with EOL technology but do not grasp all its dimensions or effects. Too often, leaders will skip a technology upgrade or migration to the cloud unless it will directly save them money. But obsolete technology will eat away at the foundations of their business by undermining their operations, their products, their workforce, and their security. This article from Oliver Wyman Digital (our parent company) explains the specific ways EOL technology hampers innovation and outline steps to address them.

They address four end-of-life technology risks and challenges

1 Increasing EOL cybersecurity risks

2 Maintenance of outdated technology is taking more of the budget

3 Outdated operating systems are less efficient and fragile

4 Employee and customer frustration due to lack of tech solutions

And they provide five strategic moves to overcome EOL technology issues