Many property/casualty insurance companies are making major progress in upgrading core policy-administration and other systems as insurers realize that failure to replace legacy systems would make them less competitive, according to a report from Celent. "The drag effect of legacy systems on the P&C insurer is a reality," according to the report. "As the market shifts to modern platforms that offer greater flexibility to respond to market requirements, the requirement to undertake the replacement programs [becomes] more pressing."

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