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Legacy in insurance industry is an established reality. By virtue of being one of the early adopters of new technology, the insurance industry has seen the era of monolithic mainframes. Although there have been many technological advances, the insurance industry still remains one of the most intensive and largest users of mainframes and mid frames. This thought paper attempts to look beyond the known set of hindrances faced by insurance companies owing to their dependence on legacy applications. It also discusses two essential imperatives knowledge institutionalization and competency development that can help organizations efficiently manage their legacy applications.