New For Old
The insurance industry is characterized by rapid technology and business change. To deliver sustainable and viable customer propositions, companies have to constantly innovate on their business models. The increasing complexity of Internet and Web technologies are imposing challenges for information technology managers.
Insurance executives may fall into the trap of relying on what seem like stable applications and hoping that they will be adequate to keep the business going. But these legacy applications are at the heart of today's operations and if they get too far out of step with business needs the impact can be substantial, and possibly catastrophic.
The challenge today is to get a full picture of these risks and rewards to transform legacy systems. Legacy systems are inflexible, have multiple applications written in various languages, often without documentation. However, because it works CIOs are not compelled to replace them.
Insurance CIOs often cite 'high costs, time-consuming and high risk' as reasons to avoid legacy replacement.
MajescoMastek's legacy modernization solution 'New for Old', is a gradual transformation process. Initially, the system is put on maintenance mode. Applications are gradually changed, point-by-point, to give you a new solution over time. The time frame is determined by the complexity of the legacy system and the amount of transformation required.
What this means is that at the cost of your regular maintenance, you would have a new future-proof system. Three key benefits that Insurance CIOs can expect from MajescoMastek's New for Old solution are:
Cost Savings: The Maintain-Migrate-Maintain model couple with offshore capabilities, reduces the cost of maintenance and offsets the same in migration, resulting in little or no impact on IT budgets. Plus, post migration, cost of maintenance reduces due to rationalization of systems.
Faster Time to Market: MajescoMastek's ready-to-use modular solutions that form an end-to-end insurance suite, Elixir, dramatically reduces migration time.
Low Risk: MajescoMastek's dedicated Insurance practice with over 700 consultants, its ready-to-use modular Insurance product suite, service oriented architecture and mature processes minimize risks in legacy transformation.