2012 US Insurance CIO Survey: Pressures, Priorities—and Innovation
What is driving insurance CIOs’ priorities for 2012? How are they responding? What role will innovation play? This report provides the answers.
A new report, 2012 US Insurance CIO Survey: Pressures, Priorities—and Innovation, provides insights from North American CIOs regarding their companies’ outlooks for 2012, their projects, and the resources they will have. The report also examines how CIOs are using innovation to address these issues—by profiling seven innovative initiatives.
“Some of the technology themes are familiar: replacement of core policy administration and claims systems. Others are new: the emergence of new business/underwriting as an area with new project significant spending,” says Donald Light, Senior Analyst with Celent’s Insurance group and author of the report. “While not accounting for a large portion of current spending, some use of several emerging technologies is found in half or more or insurers surveyed, especially social media and mobile apps.”
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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Table of Contents
Key Findings from the CIO Survey
Looking at 2012
Insurers’ Need to Innovate and CIOs’ Ability to Innovate
CIOs’ Toughest Challenges
Sourcing Strategies for Core Systems
Innovation: Getting There in Four Steps
Case Study; Replatforming at XYZ Insurance
Case Study: Core System Replacement at Indiana Farm Bureau Insurance
Case Study: The Multiuse Initiative at Personal Insurance Company
Case Study: The New Era Commercial Initiative at Large Insurance Company
Case Study: Assist A User at Hastings Mutual
Case Study: Agile Development at Specialty Insurance
Case Study: New Business STP and ABC Insurance
Leveraging Celent’s Expertise
Related Celent Research