The Trouble with Legacy Systems: An Insurance Executive’s Challenges and Options
In search of efficiency, agility and the ability to innovate, insurers are quickly realizing their legacy systems often stand in the way of these goals. ECM is faster and cheaper than replacing legacy systems compared to other alternatives. The result is a more flexible, responsive and successful insurance organization. If your organization has not installed an ECM solution or if you have only minimally exploited the potential, investing resources to take advantage of the efficiency opportunities will pay big dividends for you and your customers.
Given the vast amount of data stored in legacy systems, replacements are rarely rolled out quickly. Because the legacy application has been in use for even as little as, say, 20, extracting that data and finding a way to integrate it into the new replacement may not be such an easy task and often requires extensive custom coding. Purely data-driven, legacy systems are great at outputting numbers and reports, but finding a way to use that data so that it makes good business sense often requires great data analysis to integrate multiple legacy systems.
Perhaps the greatest advantage of ECM solutions as they relate to legacy systems is that there are multiple interface points. That is, a single ECM solution can facilitate data flow across an organization and its multiple departments and through multiple LOB legacy systems. Regardless of the business department affected or the solution needed, ECM can tie multiple legacy systems together allowing the related data in each application to drive the processes.
Insurance Whitepaper Request
ECM is faster and cheaper than replacing legacy systems compared to other alternatives. The result is a more flexible, responsive and successful insurance organization. If your organization has not installed an ECM solution or if you have only minimally exploited the potential, investing resources to take advantage of the efficiency opportunities will pay big dividends for you and your customers.
- Business and technical pains insurers face
- Options for battling the pains
- Enterprise Content Management (ECM) as a viable solution
