Legacy Systems do not support digital world initiatives nor offer the agility to implement the Amazon style customer experience that insurance customers demand.
Hence the importance of digital platforms that combine insurtech and fintech innovation with the core systems of record. Cloud computing with legacy mainframes and the ability to deploy in months rather than years.
The irony of this misguided development is that it assumes falsely that existing investments, including legacy systems, cannot be leveraged on a successful digital path. On the contrary, enterprises must leverage and extend existing systems. Forrester analysts John Rymer and Liz Herbert call this application model “Hybrid Extend”