In the 1940’s the insurance industry led the world into the era of institutional technology. Some of the cutting edge thinking employed in the movie “The Imitation Game” utilized to break the Nazi Enigma code was domesticated and sent into action, assisting insurance companies in the creation of mainframes. These mainframes really transformed the insurance industry as it became automated in exciting new ways. Unfortunately, the insurance industry has ceded (pardon the pun) its position as an innovator. Instead, many insurance companies are holding onto and maintaining some very old technology. Studies show that 80% of insurance company IT budgets and 85% of their IT man hours are spent maintaining legacy systems.
The reason many insurance companies are so far behind the times is due in part to their business model. A life insurance company, for instance, may have policies spanning 60 years. There tends to be a patchwork of systems developed over many decades to manage these accounts. Many insurance companies are not willing to invest the time, energy and expense to completely change out their platform. Instead, they allow their IT department to spend time and resources just to keep things cobbled together with duct tape and bailing wire, because it "seems easier".
The reality is there are some very real risks in holding onto legacy systems too long. The p1 service line is specifically designed to assist you by bridging the gap between the outdated legacy systems of the past and the connectivity that we have come to expect from our data management systems.