Most life, pensions and investments (LP&I) providers face huge challenges with their legacy IT estates: Five or more product platforms are the norm, but some providers have more than 10. Managing blended platform portfolios like these creates a whole range of problems. It’s a heavy millstone around the industry’s neck and it’s getting heavier all the time.
The silver bullet, craved by everyone, is a "big bang" migration of the existing book from the current platform portfolio onto a single, new, low-cost and future-proofed platform. Unfortunately, most of these migration attempts either fail or fall far short of expectations.
The solution? A unique hybrid approach that combines modernisation with migration. It’s an approach that’s already been deployed across several industries and realised some impressive results:
30-50 percent savings in IT operating costs
20-40 percent reductions in IT cost of change
Up to 40 percent improvements in agility