The insurance industry, as we all know, is a data-driven machine—being able to effectively analyze numbers is a make-or-break, live-or-die issue.

Trouble is—and it's one of the industry's most pressing challenges—a great deal of that data is tied up in legacy storage systems—some 30 years old, notes Ian Campos, vice president of insurance with Capgemini Financial Services, a consulting service.

To modernize their systems, insurers face essentially two paths. One is to make the massive investment in a wholly new, "best-in-breed" data platform, Campos says.

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