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1. Core Policy Administration: Replacement remains top of the pile
According to Celent, about 42 percent of the submissions they received in the legacy modernization category were focused on delivering new P&C core policy administration systems mainly in support of improving agility and efficiency. Rip and replace continues to be the dominant strategy for P&C insurers. Additionally, about 19 percent of the legacy modernization submissions were focused on delivering new life core policy administration systems, mainly in support of new propositions. Improved channel management and support for new distribution also proved to be a strong theme.
Foresters performed a complete legacy transformation of its back office, including its policy administration and underwriting systems. However, all of this was preceded by imaging and implementation of its enterprise service bus.