Taming the challenge of legacy systems

Taming the challenge of legacy systems

Across the insurance industry, legacy systems are the gateway to unlocking data from the entire value chain. Addressing deeply embedded technology challenges is critical for insurers to reap the potential benefits of digital forces.

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Partner, Head of CIO Advisory

KPMG in the UK

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Taming the challenge of legacy systems

The way forward

IT departments must take practical steps to create transparency and rebuild credibility with leadership by improving, measuring and reporting on service delivery and quality. This means refocusing on their core capabilities and becoming a business enabler. Rebuilding skills and expertise, reassert consistent methodologies, define and mandate standard processes and demonstrate service and financial transparency to internal clients and suppliers.

Some organizations may need to bring about more radical, transformational change. CIOs will move the IT group from a tactical to strategic function, in part by helping the business articulate their strategy and then developing an IT roadmap to support it.

What is the biggest challenge your company has faced in capturing data?

  • Integrating data technologyi into existing systems and operating models
  • The capacity to capture and integrate data from all areas of your businss
  • Data is incomplete or unreliable
  • The ability to analyze the data once collected
  • The ability to capture external data
  • Identifying what data to collect

6 steps to developing an IT roadmap:

  1. Design and implement IT TOM.
  2. Conduct a 360 IT health check.
  3. Construct, plan and manage portfolio of IT cost reduction.
  4. Assess IT and IT supplier costs.
  5. Assess planned or existing outsourcing arrangements for risks specific to the regulatory environment.
  6. Design and implement processes to monitor and manage supplier risk across IT. 

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