Legacy systems & the Internet of Things

June 9, 2017

Are you ready to jump on the IoT train?

Internet of Things (IoT) is the next megatrend. The 1990s’ fixed internet wave connected 1 billion users while the 2000s’ mobile wave connected another 2 billion. According to a Goldman and Sachs study, the IoT has the potential to connect 10X as many (28 billion) “things” to the Internet by 2020, ranging from bracelets to cars.
IoT will have far-reaching implications that touches every industry, from healthcare to retail to oil and gas exploitation and homebuilding.
Just as the first 2 waves of the internet era led to profound changes in the economy, the IoT will create new winners and losers based on a company’s ability to adapt to a world where things are connected.
Insurance Nexus recently conducted an Insurance IoT Industry Survey which shows that 90% of the 350 respondents agree that IoT will revolutionize the way insurers do business. It also shows that only 7% of the Insurance companies are fully embracing IoT today.

Don’t miss the train of IoT opportunities
The insurance world increasingly embraces IoT initiatives that help reduce risk, improve loss ratios, claim to handle and drive premium growth like:

• Telematics: gathering car data like the history of speed, distance, turning and braking patterns, time of day, etc. to price and maintain “usage-based” insurance (“UBI”).
• Environmental Sensors to detect temperature, smoke, toxic fumes, mold, earthquake motion, etc. With two-way communication, these IoT devices can also provide predictive alerts on potentially dangerous conditions.
• Connected Biometrics. Gathering lifestyle information on daily activities like calorie burn, heart rate and sleep pattern history.
• Diagnostics: Highly intelligent sensors are embedded in many products including appliances, toys, consumer electronics, industrial machines, vehicles, etc.
As manufacturers of these devices embed and enable IoT, predictive and preventative service prior to product breakdown or component failure can be provided.

Mainframe blocking the road to innovation
The new world requires a new approach to new technology. Transforming Legacy Applications is mandatory in order to:

– embrace new technologies, protocols and standards. The ‘old’ mainframe technology makes it difficult to connect to new technologies
– handle data and analytics. Legacy systems are not able to keep up
– deal with security challenges. Cures for new threats are developed for new technologies first
– smoothly connect/integrate all different environments – open systems are much easier connected than mainframe
– avoid exorbitant operational costs. The drastic increase in workload and MIPS will drastically increase the cost
– keep up with the competition. Time to the solution is a major driver in gaining and keeping a competitive advantage. Legacy can be a major road blocker in the race for market share

Conclusion
Innovation is key if you do not want to miss the train of IoT opportunities.
It is clear that the mainframe does not offer the flexibility and agility required to adopt new technologies. Although the transformation of your mainframe environment requires an investment the immediate cost savings, due to drastically reduced operational cost, make the ROI rapid and the investment worthwhile.

Don’t move the legacy issue elsewhere but solve it by truly transforming it….
Check out the success stories

Sources

Goldman Sachs report

Forbes article, 5 ways IoT will change the insurance industry

Save cost, gain agility

February 8, 2017

Asysco's Migration Technology allows organization to save cost while gaining agility.

On average, a company spends between 60% and 80% of the IT budget on maintaining existing systems instead of on new developments. Half of these costs are related to the time and resources spent on the research and adaptation of legacy systems. However, technology evolves faster than ever. Organizations that are able to adapt to this new technology paradigm quickly are more successful than companies that are held back by their inflexible and expensive legacy systems. If legacy systems are a bottleneck for innovation, legacy transformation is the answer!
Click below to read more…

Asysco raises awareness for the legacy challenge at DIA Barcelona

July 13, 2016

Legacy systems like mainframes, still power the core administrations of many insurance companies. These systems are expensive, inflexible and difficult to integrate with. They negatively impact your ability to innovate and to gain competitive advantage.

Competitive advantage is tightly linked to an organizations’ ability to respond quickly to market changes and customer demands. Innovation is key. Every euro spent on these legacy systems is a euro lost on innovation. The only alternative seems to be to replace the legacy system with a commercial insurance package but that’s not a simple undertaking: implementation takes a lot of time, it usually requires you to adapt your business process and is costly.

Innovation for the finance and insurance industry

Asysco has helped many insurance companies, such as Aegon, Aviva, American Public Life, Cosvi and others to move their core systems to modern technologies in as much as 9 months to 1 year. Once in the new environment, these companies have been able to selectively replace and integrate (parts of) the system in a matter of months allowing much faster innovation with new trends such as mobile, cloud, self-service, business intelligence, data mining and so on.
Legacy is no longer an inhibitor but an asset waiting to be leveraged for business success. Innovation happens much faster than through any other approach and with manageable risk and clear ROI. Imagine all the things you are currently unable to do with the old technologies: real time insight and knowledge, fast and flexible changes, easy and straight through integration with all the solutions presented at DIA Barcelona.

Why was Asysco selected for DIA Barcelona?

Asysco has a long and proven track record in mainframe migration and legacy transformation. Over the years they have completed over 70 migration projects with a 100% success rate. They have never failed a single project. Their Asysco Migration Technology (AMT) and methodology is unique in the market. The key to success is Asysco’s proven automated migration of the entire legacy ecosystem: code, data, batch, scheduling, operations management, security, etc.  are all automatically converted to open systems equivalents delivering a target environment that delivers same or better quality of service (availability, scalability, resilience, manageability, security, …). This combined with their extensive experience and large number of references in the insurance industry makes Asysco a valuable speaker at DIA.

Interview on main stage

Asysco speakers Bernd Sakulski and Suzanne Glorie were interviewed by DIA Asociate and co-founder Conny Dorrestijn who has a long track record in marketing and business development roles in the international financial technology industry.

Click here to see the video