Practical Strategies for Dealing with Legacy Systems
Risk Management; New York › Vol. 52 Nbr. 2, February 2005
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Summary
Many insurers have multiple legacy systems, and each one requires its own expertise and attention. Maintaining connections among these multiple systems and to the outside world can be something of a nightmare. Most life insurers spend as much as 80% of their IT budgets and 85% of their tech efforts in maintaining legacy systems. No one approach to addressing legacy issues is right for all insurance companies and some companies might do well to adopt a combination of strategies: 1. wait, 2. wrap, 3. renovate, 4. replace, or 5. outsource. A company can deal with its legacy issues on its own - licensing appropriate software, installing it, converting data - but it may make sense to delegate any or all of the development, conversion or operational tasks to an outside expert. This can free company IT staff and resources to work on future-oriented projects.
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Extract
Practical Strategies for Dealing with Legacy Systems
Four decades ago and well before most businesses recognized the potential of information technology, the U.S. insurance industry showed imagination and leadership as early adopters of mainframe computers and COBOL-based software...
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