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Legacy systems add to insurer costs in world of thin margins.(Technology)

As margins increasingly are squeezed in the insurance industry, company management is looking to rationalization of legacy systems as one area to cut costs, according to industry experts.

"We have seen an increased interest and focus on rationalization among our clients over the last year or two, and that's largely being driven by the intense cost focus within the insurance industry as a whole," says Nick Meikle, senior manager with Accenture's insurance practice in Manchester, England.

A stagnant equity market, increasing regulatory costs and the spate of mergers and acquisitions over the last five years have acted to put pressure on organizations to look at how they ...

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