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8mo

Platform modernization is becoming an increasing priority for insurers, particularly for tenured insurers with legacy applications. In this Tech in 2, Client Services Partner John Suminski discusses the many benefits of modernizing in the insurance industry and why keeping applications current is so important.

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Hi, my name is John Suminski I am a client services partner at Sparq. Platform modernization is an increasing priority for insurers, particularly those tenured insurers that have a legacy portfolio of applications. And the reason for this is at a bare minimum software and operating system currency is a real risk from end of life as well as vulnerability implication. So making sure the applications are current for that base level is important for all insurers. Some of these insurance carriers go back 100 plus years. And their technology is not quite 100 years old, but it's pretty dated. That's a challenge. Mainframe and COBOL are are still in play with some of these insurers. And those are hard to move off of. So, that's an interesting challenge to modernize on very, very old and very rigid tech stacks. I think the opportunity and what's really interesting for insurers is data. They happen to have a tremendous amount of information and data on their customers, and that is a huge asset for them. So, the ability to get at that information and put it to productive use is what is a great opportunity for insurers to not only continue to offer great products and services to their customers, but to innovate and move the industry forward in exciting ways to bring new products, prices, services to their customers in a way that hasn't been experienced before. One of the number one benefits of platform modernization, from my perspective, especially for those insurers who are going to take a more progressive and perhaps aggressive approach on rearchitecting and rewriting core business applications is to introduce more nimble and service oriented architecture type models in order for their business logic and their data to be increasingly accessible not only for the need of that particular business function, but for future needs that perhaps we can't even think of now. But the ability to get at business logic and, more importantly, data going forward is key for innovation.

Principal and Managing Director at CCS Fundraising

8mo

Outstanding John Suminski!

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