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CEO Perspective: Core Systems of Differentiation to Deliver 360 Service in the Digital Age

Over the past fifty years we have enjoyed incredible computer technology advances, bringing huge benefits to the way we live and work. However, a ...

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Over the past fifty years we have enjoyed incredible computer technology advances, bringing huge benefits to the way we live and work. However, a concerning issue for the insurance industry has to be the many core software systems in back office environments that were originally designed and written for the IBM System/360 and subsequent mainframe generations. Granted, a lot of this software has been upgraded, ported, tested for Y2K and rewritten. However, the point is this legacy software lives on in one guise or another in insurers’ core systems. It is often buried under layers and layers of front-end software, written and rewritten in more recent times but it is still there behind the scenes – cranking through millions of transactions and updating records on a daily, weekly, monthly and annual basis.