While componentization, middleware, and a host of creative technological approaches have helped insurers keep ailing systems on life support, more and more companies have been willing to pull the plug on legacy applications. “The landscape has changed over the last couple of years,” says George Grieve, president of CastleBay Consulting. “We see a lot more companies committing to replacement than we had previously.”
That observation is supported by the findings of a study titled “Legacy and Mainframe Migration: An Insurance Imperative,” by Celent, published this year. “The reluctance to replace legacy systems is fading,” attests Chad Hersh, senior analyst and author of the report.
On the P&C side, “we're seeing an unbelievable number of carriers looking to replace core legacy systems,” Hersh continues. “On the life and health side, it's like looking at the glaciers in Alaska toward the beginning of summer: Big chunks start to fall off, and you have a sense the whole thing is about to go.”
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