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Poor planning and an overly high level of optimism are resulting in a significant risk of failure for the legacy modernization initiatives of CIOs at life and P&C insurers. According to a Gartner survey, only 42% of projects meet the original budget, and 82% take longer than expected.
Table of Contents
Impacts and Recommendations
Failure to modernize legacy systems will prevent insurance CIOs from supporting business innovation
Budget and time overruns of legacy modernization projects are driving insurance CIOs to pursue shorter payback cycles
Insurance IT leaders prefer gradual implementation strategies to mitigate legacy modernization risks
- Failure to modernize legacy systems will prevent insurance CIOs from supporting business innovation
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