target audience: TECH BUYER Publication date: May 2024 - Document type: Tech Buyer Presentation - Doc Document number: # US51439424
Insurance Core Modernization Playbook: Lessons From Refactoring Experts
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Abstract
The IDC Tech Buyer presentation delves into the critical area of mainframe refactoring, recognized as a vital intermediate step preceding full-scale cloud adoption. Despite its advantages, refactoring poses its own challenges, underscoring the importance of meticulous planning from the outset. Thus, IDC has released this report with specific objectives in mind.
Through an exhaustive research effort, including three panel interviews, the report sheds light on best practices for planning the refactoring process. It explores the forces propelling organizations toward mainframe refactoring and the common technical hurdles encountered, then it offers guidance on data migration, application conversion, testing, quality assurance, stakeholder management, and key lessons learned.
Following in-depth analysis of market insights, IDC presents recommendations for an optimal modernization strategy, tailored specifically for insurance providers. These recommendations aim to align with emerging trends and industry best practices, ensuring a seamless transition to modernized systems.
"In the dynamic realm of insurance, modernization transcends mere replacement; it's about seamlessly migrating legacy systems to cutting-edge technologies, ensuring they're primed for cloud and the future. With long-standing contracts binding insurers to legacy systems, conversion risks loom large. Refactoring acts as a vital bridge before the cloud leap, facilitating modularization and componentization for smoother migration. Dive into our tech buyer presentation for expert insights on navigating this transformative journey," said Davide Palanza, research manager, IDC Financial Insights.