Legacy modernization projects are notoriously large and complex undertakings. Before a project can proceed in earnest, a number of hurdles must be cleared including crafting a compelling business case, finding the correct vendors and securing executive buy-in for the need for change. Indeed, the need for insurance IT departments to clearly express the goals and expected business benefits of a project is critical but difficult, according to a new report from Boston-based Celent.
Authored by Celent Senior Analyst Catherine Stagg-Macey, the report, “Still Seeing the Shadow: Groundhog Day for Legacy Modernization,” says given the constraints legacy systems can place on a business, doing nothing is not an option for most insurers. “The scope and impact—on both the organization and technology—of legacy modernization programs can be significant,” the report states. “Such is the impact of replacing core systems, which has been compared to changing the wheels on a moving train. The CIO and the IT department must be able to articulate the case for change, and to have the skills and knowledge to manage and drive this change in collaboration with the business.
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