The main business benefit of a core systems replacement is increasing business agility, according to 58 percent of respondents to Celent’s “Tracking Progress In Core Systems Replacement, Global P&C Edition.” Just 12 percent of respondents pursue such projects to reduce business costs, 11 percent to reduce IT costs, 9 percent had other reasons, 4 percent had no business case and 3 percent were pursuing such projects in efforts to increase revenue.
Celent said that while the benefits of increased underwriting efficiency through workflow, rapid product design, or improved customer service may be instinctively clear, attaching quantifiable monetary benefits to such projects can be difficult. However, addressing the legacy IT environment will become the cost of staying in business.
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