Transforming Legacy Modernization: A Sure Way to Cut Costs!
Posted: May 23, 2016
From the IT standpoint, one of the major factors that welcomed the idea of transforming existing, old and archaic Legacy Systems into modernized and agile business functions is the search to deliver more with less. In the ever evolving business and technology landscape, Legacy Modernization has offered exactly the kind of opportunity where business agility, customer satisfaction, and being constantly competitive in the market are but some of the challenging aspects of the insurance industry which is game to tackle.
Legacy Modernization, especially in the insurance industry, is not a game. It is a serious business that involves modernizing inefficient, monolithic standalone systems, restricting the rapid introduction of new products and new business designs/models.
For insurance companies, legacy systems modernization has always been a vital area of concern. To this effect, insurance providers and annuity carriers looking to – enhance their complex business processes, aging policy administration systems, and upgrade their system capabilities – the idea of modernizing the archaic legacy systems provides enough leeway to recognize the need and embrace new modernization solutions. Legacy Modernization supplants existing inflexible frameworks with newer business possibilities and clears the path for sound business agility.
The Need for Modernization
According to a recent survey, 75% of Mid- and Small-Tier property and casualty CIO's have Legacy Modernization strategies at the top of their agendas. It is now the overwhelming preference more than ever before. So what are you waiting for? Why hesitate to move forward when there are no inherent risks involved?
It’s not important how we get rid of the old archaic low performance legacy systems. Instead, what we need to understand and should be addressing is how do we take forward the business value and data embedded in the legacy systems and bring this value into new enterprise architecture to convey business results? There’s no off-the-shelf solution for such application modernization. Unlike most other software vendors, Prime Technology Group does not create an entirely "new system" in place of old legacy systems, but to create a scalable and integration-friendly system that is designed to facilitate business growth and productivity. We don’t wall off the old legacy systems to make way for new business systems. And that’s the moot point. We explore all of the available modernization options to address the entire issue of Legacy Modernization portfolio.
How Prime Helps
To implement new systems and enterprise-wide modernization, a quick look at some of the tangible and intangible benefits we provide are:
- Business Assessment & Rationalization of the Legacy Modernization objectives
- Align business objectives to a Legacy Modernization strategy, including budget considerations
- Platform selection assistance representing the client not the software provider
- Data Migration support services
- Testing & Quality Assurance
- Post implementation, production support
- Customer delight
Core insurance legacy software application technologies such as Guidewire, Duck Creek, AQS/Insurity, Unirisx, and others are used to help Insurance providers of all sizes to keep track of their business processes portfolio such as commissions, adjusts claims, supports financial reporting, producing invoices, etc.
It’s time we demystified legacy transformation and this is where the Prime Technology Group can be a smart first step in the right direction. We at Prime have the strategic expertise to help insurance carriers chart a course in core insurance application platforms for business continuity, profitable growth and competitive advantage.
Aside the fact that Legacy Modernization does involve a fair bit of criticality, complexity, and investment with this mission, all that insurance CIO’s require is a trusted advisor and thought leadership to shape and implement a successful transition to legacy data, agility and flexibility to meet real-time business demands, and yes within the budget from start to finish.
Prime Technology Group, LLC is a global, technology services company with innovation at the core of our business engagements. For more Information visit http://www.PrimeTGI.com