Legacy systems get a lot of negative press; in particular, policy administration systems are hailed as outdated, inflexible, expensive to maintain, and difficult to modernize. True, many of these mission-critical systems, in place for up to 30 years or more at insurance companies across all lines of business, are still in operation, both as a platform for legacy data and for the components that still facilitate and maintain existing business. The call for “future ready” systems is today’s soup du jour.
It’s no surprise that insurance IT executives running older core systems find themselves on the defensive, claiming that many aspects of their policy admin systems are performing to the insurer’s satisfaction (the “if it ain’t broke” theory).
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