The result of Lumera Pulse survey – Migration

Insights | Blogeintrag
10.12.2021

Maintaining and supporting legacy systems, together with the inability to manage potential risks of retiring aging systems, are typical challenges faced by organizations. Keeping such systems up and running requires skilled resources in legacy technologies which are hard to find in today’s IT world. As a result, the IT landscape in organizations becomes cluttered and prevents business agility and innovation. Therefore, it’s high time to modernize your IT landscape to foster a better business environment.

With this in mind, we wanted to find out what drives the need for modernization of your IT landscape and how to succeed with a system migration. A Lumera Pulse survey was sent to 1 500 recipients working in the Life and Pensions industry in Europe.

Executive summary

With the lack of the right technology, businesses risk losing both customers and market share. However, modernization is challenging and when facing a system migration, the road can seem long and complicated. There may be concerns that the project will be more time-consuming and expensive than planned, and the fear of changing the system often causes businesses to postpone the decision until the situation with an outdated system becomes unsustainable.

But system migration shouldn’t be viewed as a necessary evil, rather a fantastic opportunity to boost innovation and efficiency. The use of modern technology in the operations and development of products and services will bring significant USPs to life and pensions providers’ products and services and enable features that competitors lack to satisfy the customer needs and expectations.

So how can you get started with modernization? Getting help from a Lumera, with migration expertise and a proven track record of successful transformation at scale, will give you access to more integrations and automated processes, as well as the very best conditions for building up the business of tomorrow.

Below please find the detailed result of the survey:

1. What are the 3 top factors that drive the need for modernization of your IT landscape?
The 3 top factors that drive the need for modernization of your IT landscape are Enabling your business for the future (66%), Reduced costs (55%) and Meeting changing customer preferences and behavior (48%) followed by Higher flexibility (43%), Digital innovation (42%) and Changing legislation (28%).

2. When migrating to a new platform, what is the biggest challenge?
When migrating to a new platform, the biggest challenge is Underestimating scope and budget (33%). Second is Unstructured and poorly documented legacy policy data (25%), followed by Securing allocation of key resources (22%), Business continuity (14%) and Lack of management commitment (6%).

3. What is the most important activity when migrating systems?
The most important activity when migrating systems is An understanding of the scope (31%). Second is Comprehensive test and validation plans (28%), followed by Establishing organizational transformation buy-in (21%), Legacy data validation (11%) and A dedicated management team (9%).

4. What is the most important key factor for a successful migration?
The most important key factor for a successful migration is Participation from key players (34%). Second is Comprehensive test and validation plans (28%), followed by Agile working methods (18%), Prioritizing features from existing system (12%), Finding and choosing the right software provider (6%) and Control costs (2%).

5. What is the most important key factor when choosing a new core platform provider?
The most important key factor when choosing a new core platform provider is Efficiency (33%). Second is Scalability (30%), followed by Security (13%), Agile working methods (13%) and Connectivity (11%).

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