PremiumBytes, Episode 002: The enduring complexity of core modernization
Channel: PremiumBytes
Date: 2023-10-28

Insurance companies face an enduringly complex challenge in modernizing their core systems. Legacy mainframe-based systems, regulations, and information-centric business models create a gnarly web of dependencies. Meanwhile, pressure builds to roll out new products faster, integrate emerging technologies, and deliver seamless customer experiences.

Attempting to lift-and-shift these aging cores leads to multi-year, high-risk projects. But standing still means falling further behind an industry in flux. What's an Insurance Technology Leader to do?

Our hosts Samir and Sudhar draw on decades of insurance technology experience to unpack the nuances. Success lies beyond simplistic rip-and-replace approaches. It requires aligning business, IT and partners on a unified vision. One that sees modernization as an enabler, not an end goal.

Incremental, iterative models are emerging as a lower risk path. But big bang cutovers still have their place with smaller, less complex players. Hybrid teams combining internal staff and external experts allow knowledge transfer while managing risk.

Rather than giant, episodic upgrades, the hosts advocate for ongoing modernization cycles. Using agile methodologies to deliver business capabilities, not just shiny new technology. With a constant eye toward people, process and cultural change.

No one strategy fits every situation so as the saying goes, there are no cookbooks only good cooks.

True modernization requires patience, collaboration and commitment from visionary leaders. Ones embracing their role as transformation champions. While legacy systems pose challenges, they also contain decades of embedded business logic. Rather than rushing to scrap them, savvy CIOs find ways to revitalize what already exists.

Sudhar and Samir draw on real-world examples of insurers taking creative approaches. Moving beyond the typical results most settle for. Does your company have an appetite for change but face bewildering options This episode provides practical perspectives balancing pragmatism with ambition. To help unstick the stagnant status quo but avoid aimless innovation. The industry's unsung IT leaders will find camaraderie and counsel. The future awaits, but the past need not hold us back. Tune in for the full conversation.

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PremiumBytes, Episode 002: The enduring complexity of #core #modernization

Welcome to #PremiumBytes, where we shine a light on the unsung world of #insurancetechnology leaders. We are Sudhar Krishnamachary, one of your co-hosts and Samir Ahmed, your other co-host. We're here to have meaningful conversations about the evolving #technology landscape inside the #insuranceindustry. Let's acknowledge it: being an #insurance firm #CIO, or chief information officer, (and also #CTO, or chief technology officer) is one of the toughest #leadership roles in today's world. You've got a risk averse mindset baked into the very fabric of the industry, a legacy estate that must complement the modern tech, and a talent crisis from both the retiring side and next-gen recruiting side. And then you have the slow pace of #innovation. We see it because we're right there in the trenches with you, as consultants, day in and day out. Our mission is to deep dive, have conversations that carry substance, offer practical insights, and help you validate and navigate the relevant challenges of being an effective CIO in the insurance sector. So thank you for joining us on this adventure.

#insurtech