Celent Model Insurer 2017: Case Studies in Legacy and Ecosystem Transformation
The vision for Celent’s Model Insurer research is to try to answer an apparently simple question: “What would it look like for an insurer to do everything right with today’s technology?” Three examples of successful legacy transformation projects are detailed to illustrate the challenges of such initiatives.
Unlike other IT initiatives, replacing or modernizing a legacy system is always something insurers have to think of when defining their projects’ agenda
Celent’s approach is to evaluate, at a high level, key best practices in the implementation and use of technology that a “Model Insurer” would use. The nominated insurers that display the most successful use of the key best practices within theme categories like legacy transformation are named Model Insurers.
While this report does not present an exhaustive list of best practices or expected results, Celent has identified several common best practices such as a use of industry standards, optimization of infrastructure, positioning for future reuse, automation, STP, and system integration as being integral to the success of an IT project.
"For the foreseeable future, legacy modernization will continue to be a central challenge for insurers' IT groups, operational units, and senior executives," commented Nicolas Michellod, Senior Analyst in Celent's Insurance practice. "Modernizing core legacy systems is easier to think about than to do."
