Eco-Centric Strategies in Insurance: Is It Time to Embrace a Green Agenda?

by Catherine Stagg-Macey, July 22, 2009
Industry Trends
Global, Asia-Pacific, EMEA, Latin America, North America

Abstract

There is overwhelming agreement that green issues will become more important. However, only a third of insurers have green criteria in the procurement process.

Green principles are grounded in best practices for running a lean operation, which is a message that chimes well in the current recessionary climate. Such initiatives focus on reducing cost by being smarter. In a new report, Eco-Centric Strategies in Insurance, Celent surveys insurers globally to understand current perceptions and attitudes towards green policies and green IT.

The benefits of green IT go beyond just business value, and it is likely that in the future there will be higher consumer demand and/or stricter rules governing corporate participation in green IT programs and strategies. An organization that begins adopting green IT policies now will find it easier and less costly to adjust later.

"Approaches to greening the organisation are largely mixed, but this appears set to change," says Catherine Stagg-Macey, senior analyst with Celent’s Insurance group and author of the report.  "A convergence of factors—legislative, consumer attitudes, and fuel prices—is likely to see increased interest and investment in this area in the next few years."

This report examines the attitudes and perceptions of those surveyed, looking at how seriously green initiatives are being taken, the impact of legislation, and the extent of green policies in place. The report also looks at vendor offerings in the space. It concludes with two short case studies and some evaluation of the business case for eco-centric projects.

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 subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

Introduction

What Is Green IT?

Celent's Green Insurance IT Survey

Key Findings

Attitudes and Perceptions

How Green Is IT Today?

Commitment for Staffing and Budgets

Tools for the Green CIO

Conclusion

Sign in to download reports and access personalized information