Legacy Modernization in Japan’s Insurance Industry, Part 2: Prescriptions and Proposals
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This report draws on a 2015 Celent survey on legacy modernization. More than 60 firms including banks, insurers, brokers, and asset management firms participated in the survey. This new two-part report is an extension of this work and narrows the focus to the insurance sector.
Part 2 offers a deeper look at Celent’s systems legacy modernization survey results with a focus on the insurance industry, considering future developments for the sector based on a firm understanding of the current situation. The report examines systems modernization in Japan in a global context and the strategies that seemingly underpin modernization projects elsewhere.
Specifically, Celent explores what system modernization means to insurers in Japan, discusses why this is the case, and touches upon possible future developments. Ultimately, the report reaches the conclusion that legacy modernization is a synonym for business modernization, and a smart move both in terms of digital and innovation.
“Respondent answers to this Celent survey indicated that they expected modernization to yield more agile business operations and to reduce IT costs,” says Eiichiro Yanagawa, a senior analyst with Celent’s Asian Financial Services practice and author of the report. “How do they expect to make this happen? Celent advocates two propositions; Straight-through processing for insurance office processes, Realizing operational efficiency that extends beyond the system, including office and communication process operations.”
Part 1 provides an overview and summary of the survey results. This report offers policy prescriptions and proposals for industry players.
This report contains 19 figures and two tables.