The fourth Celent Peer Networking Event was held last Friday at the headquarters of Allied Insurance, a division of Nationwide, in Des Moines, Iowa. Thirty people from 11 different insurers contributed their experience with evolving cloud computing and legacy modernization strategies. As with other events, the discussion was open, active and focused on practical steps that can be taken to transition insurance automation to new platforms.
A review of recent Celent research kicked off the meeting, survey data on core systems modernization and the business case for updating legacy systems was presented. Data from a 2011 Celent report, Still Seeing the Shadow: Groundhog Day for Legacy Modernization (Still Seeing the Shadow: Groundhog Day for Legacy Modernisation (P&C Edition):http://celent.com/reports/still-seeing-shadow-groundhog-day-legacy-modernisation-pc-edition Still Seeing the Shadow: Groundhog Day for Legacy Modernisation (Life and Health Edition):http://celent.com/reports/still-seeing-shadow-groundhog-day-legacy-modernisation-life-and-health-edition) illustrate that the rate of transition to new insurance platforms has increased in the past two years. The group validated that this was the case with their organizations. Approaches, risks and issues highlighted by the study were discussed in turn, with the loss of legacy analysis skills receiving a significant amount of discussion. Several attendees shared steps that have been taken in their shops to address the gap between the supply of, and the need for, analysis and programming skills. A partnership with local colleges and universities, described by one company, was particularly useful. Data from an upcoming report, Reviving the DOA Core Systems Business Case, was also covered and attendees had an opportunity to compare their alternative approaches to justifying a modernization effort.
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