Legacy modernization in the insurance industry has been a
subject for debate for many insurers. With numerous competitions, it cannot be
disregarded how it can help with staying in the competition, as it will not
only improve internal processes but also enhance the overall customer
experience. Despite being considered as costly, multifaceted, and risk-laden,
legacy modernization offers numerous benefits not only to the insurance
provider but also to its clients. Legacy modernization offers three major
benefits which include risk mitigation, operational cost reduction, and revenue
generation. To achieve all these benefits, a technological platform that both effective
and efficient must be formulated.
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