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IT Investment Priorities and Trends - Rationality in Insurance Technology strategy
Datamonitor, Dec 2005, Pages: 22
Reviewing the perspectives of 200 insurance institutions across North America and Europe, this brief analyses budgetary trends, investment priorities and IT drivers for 2006. Examining developments at the line of business and tier level, it explores how strategies and priorities have changed since last year and how business expectations will impact future IT investment and decision-making.
Scope of this title:
- Coverage of the non-life, life and composite insurance sectors
- Coverage of Europe and North America
Highlights of this title:
As the insurance industry becomes more competitive, bottom line improvement will be required to maintain combined ratios. Insurers continue to show progress in aligning business decision-making with IT, as indicated by a decreasing number of respondents who cited this as a priority in the US and Europe.
While IT budgets appear to be growing moderately in all areas, there is greater variation by investment area. In Europe, customer service initiatives are expected to be most popular in both Non-Life, where product differentiation is difficult and competition is high, and in Life where insurers are looking to take advantage of the market recovery.
Although customer service remains and is an important investment area for North American insurers in 2006, spending decisions will be driven largely by the need to comply with regulation, both within the industry and more importantly, key Sarbanes Oxley provisions.
Reasons to order your copy:
- Improve planning process through better understanding of future growth prospects
- Gain a perspective on how changing investment priorities will impact technology vendors playing in the insurance space
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