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Is Your Insurance Firm Struggling with Legacy Software?

December 14, 2016

Legacy systems in the insurance world, and beyond, are still very active. Several high-end corporate entities are still using systems that are 30 years old. They feel if the three criteria is met then there is no reason for change. Those three criteria are; does the system still meet the needs of the business, are there skills available to work on those systems, and can you find support for the legacy systems. Although this mantra may sound okay, there are reasons that more companies do not follow this philosophy.

What’s wrong with running a legacy system?

Legacy systems can only last so long. Some companies keep them around, but when these systems finally crash, then the company will suffer with a lot of down time until a new system can be put in place. Support for many of these systems is no longer available, and many companies are not aware of this fact. They are still running old software on outdated machines assuming there is help if something happens, but that may not be the case.

The company’s IT workforce will be retiring sooner than later. The few people that have stuck around all these years and kept the machines running are retiring. They don’t have the skills to move on to newer models of networks, but their time with the legacy networks is ending soon. Arm yourself with the information you need to find an advisor you can trust to help your business utilize technology in the most effective and efficient way possible.

Can the cloud help?

Migrating to a cloud-based system now can help with the conversion between the legacy and modern networks. A cloud service provider like TOSS C3 can help. The legacy system can be added to the cloud. Then, a few new systems can be attached to the legacy network. After everything is integrated, the legacy system can be pulled out and the newer cloud-based system will take control. This will help with the conversion process, and can be performed as fast or slowly as your company requires.

Additional capabilities from the cloud include agent/broker/customer portals, mobile delivery, customer relationship management, sales tracking, reporting, and analytics. To get an idea of upgrading to the cloud, request a quote.

Why should you do it if you don’t absolutely have to?

There are several reasons to upgrade to a newer system. You may look at the cost of the upgrade, but not realize how much your legacy is actually costing you. Let’s look at some of the more common issues:

• Increased downtime – How bad can that be? In 2015, Orly Airport in France had to ground dozens of planes because their air traffic controllers were using Windows 3.1, and it crashed.

• Compliance Issues – Those in the insurance industry are serious about keeping information safe. It just cannot be done properly on legacy systems. Trying to keep everything regulated properly will cost more money for IT personnel to keep them updated.

• Data Breaches – According to CloudTech, “Legacy technologies are extremely vulnerable to attack from cyber criminals. With the average cost of a single data breach now reported at $4 million, this event falls into the potential business ending category.”

Legacy systems are not worth the potential loss that comes with their eventual breakdown. Cloud service providers can help migrate data, replace old systems, and integrate newer software into your current working business model.

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