Like all financial services companies, insurers rely on technology. Core information technology systems are aging rapidly, causing significant problems. These old systems require increased maintenance, which drives up costs, while operating knowledge is at risk of being lost as the workforce with the knowledge to maintain these systems ages and retires.
Nevertheless, making the case for modernization can be a tall order because projects of this scale are typically measured in years and hundreds of millions of dollars. With so much riding on a successful implementation, a clear core modernization roadmap is critical. In this article, Protiviti Managing Director John Rao divulges the top ten modernization lessons learned and questions to ask when developing your roadmap.