The degree to which Government departments are progressing preparations will also affect company attitudes to commitment. The industry supports the establishment of a National Changeover Plan and hopes that this will help to reduce the uncertainty. The industry will contribute fully to the development of the Plan. By providing protection against unforeseen events and future needs, insurers help businesses to operate and grow, and individuals to make clear decisions about their financial future. Insurers are major employers, major investors in British industry and important contributors to the balance of payments.
Insurance companies produce and sell a wide range of products.
These are supported by a large number of administration and accounting systems and processes. A key feature of the insurance industry is the extent to which products are long-term in nature. No other industry relies to such an extent on agreements made so long in the past. This means that insurance companies use a wide range of accounting and administration systems. These are frequently 'legacy' systems, i.e. were produced in the past and are now outdated.