Published: 20 January 2014
Summary
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.
Included in Full Research
- 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