3 Trends in Legacy Modernization

Looking at the submissions in the legacy modernization category of Celent's Model Insurer awards program, it's apparent that insurers must not just modernize, but completely transform their internal systems and the ways in which they interact with a vast web of customers, counterparties and regulators. Click through to see how this year's four finalists have transformed their ecosystems.

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.



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