Back to the future
Insurers who have lost patience with their obsolete systems no longer have to start from scratch, says Paul Lang as existing applications can be refined with the aid of a new composite architecture known as 'legacy extension'
In the 1960s, insurance companies were among the first commercial enterprises to invest heavily in computer technology. But rather than reaping the benefits of their foresight, many large organisations have since slipped back, and are processing up to 70% of vital business data on legacy systems that, on average, first saw the light of day in 1990.
Bearing in mind the major advances in IT over the past 13 years, these systems have become 'antiques', requiring constant and expensive programming
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