Simplifying the Insurance Application Landscape
AbstractLondon, United Kingdom 28 November 2007
Large, global insurers are taking on the processes of core system replacement, portfolio rationalisation, and infrastructure consolidation. Simplification of the application landscape has forced many insurers to come to terms with the challenges posed by their core legacy systems.
Addressing the demands of customers and producers is a high priority for all insurers today. In a new report, , Celent looks at the approaches being undertaken by large insurers on both sides of the Atlantic. Insurers typically have a myriad of front and back office systems and duplicating processes to support different lines of business. This introduces significant issues relating to the flexibility of IT. It also comes at a high price.
"Simplification of the application landscape is tricky," says Catherine Stagg-Macey, Celent senior analyst and author of the report. "It's akin to changing the wheels on a moving train. Without taking on this challenge, however, insurers are facing the high IT costs involved in the duplication and inefficiences of these application landscapes.''
The task of simplifying the application landscape is indeed a Herculean one. Many of the large insurers in Asia, Europe, and North America have begun to take on this task. As they progress and begin to reap the benefits, it will become imperative for those left behind to tackle this challenge head on.
The 15 page report contains two tables and three figures. A table of contents is available online.
Members of Celent's Life/Health Insurance and Property/Casualty Insurance research services can download the report electronically by clicking on the icon to the left. Non-members should contact email@example.com for more information.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
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Table of ContentsLondon, United Kingdom 28 November 2007
|The Current State||05|
|Approaches to Rationalisation||07|
|The Business Case||09|
|An Example of the New World||12|