Core Systems Modernization: Still a Top IT Priority for Insurers in Coming Decade?

Carrie Burns, editor of Insurance Networking News , wrote an interesting article this week highlighting Celent’s new report, “Reviving the Insurance Core Systems Business Case.”

 In “Core Systems Modernization a Concern for the Next Decade,” Burns notes that insurance technology experts have been discussing core systems modernization for the past decade—and based on Celent's research serious legacy modernization and transformation “will continue to be on insurers’ priority lists for the next decade.”

According to the article, the move towards action is a result of “more than just lack of functionality in legacy systems or the inability to quickly bring about organic growth by developing new products and markets. Difficulties in hiring qualified IT staff with the necessary skills to support legacy platforms are real, and most insurers expect this issue to get worse. Ultimately, Celent says, the business case for legacy modernization should support incremental improvements, which are realized as hard benefits, but also enable the strategic flexibility that will allow insurers to compete more effectively. 

“Some insurers know this and are moving forward, converting to modern approaches and languages, bringing new functionality online and enabling quick product introductions and organic growth.” Click here to read the full article. 

You also can learn more about how insurance carriers are modernizing their IT infrastructures with Oracle’s policy administration, revenue management and billing and other adaptive insurance solutions to better support their business during Oracle OpenWorld next month in San Francisco, Calif.  

The insurers I’ve spoken with who are already registered are looking forward to several key insurance-track sessions.  This includes the insurance keynote session “Make Your Next Move Count:  Priorities and Choices in Insurance Management” featuring Shohreh Abedi, CIO of Farmers Insurance, and Christopher Eberly, Distributor Services, Head of IT for ING.  Both will be joined for what promises to be a compelling and lively panel discussion by James Dewaker, Cognizant, and Oracle Insurance executives Don Russo and Chuck Johnston.  Click here to learn more or register for Oracle OpenWorld. 

Helen Pitts is senior product marketing manager for Oracle Insurance's life and annuities solutions.

 

 

 

 

 

 

 

 

 

 

 

 

 

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