Insurance CIO Pressures and Practices 2014: North America Edition

by Donald Light, March 31, 2014
Industry Trends
North America

Abstract

At the end of every year, Celent interviews and surveys insurance company CIOs, asking them about their priorities for the coming year. This year’s report covers two topics: results from the 2014 CIO survey, and how CIOs view digital strategy.

The survey covered IT budgets, modernization strategies, major initiatives, digital strategy, mobility, and SaaS adoption.

“2014 is not a bad time for most CIOs and IT groups,” said Donald Light, Director of Celent’s Americas Property/Casualty Practice and author of the report. “They are enjoying increased resources in many cases. They are tackling issues of legacy or older core systems. They are funding R&D, and have a judicious level of enthusiasm for emerging or recently emerged technologies: digital, mobile, and SaaS.”

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

1

Introduction

2

 

Survey Methodology

2

IT Budgets: 2014

4

Millennials and Insurers

11

Digital Initiatives

12

Mobile Initiatives

14

SaaS Adoption

15

Insurers Tackle Digital

16

 

A Rose by Any Other Name

17

 

A Rose Is a Rose Is a Rose

17

 

Something Old and Something New

17

 

Focus, Focus, Focus

17

Conclusion

19

Leveraging Celent’s Expertise

20

 

Support for Financial Institutions

20

 

Support for Vendors

20

Related Celent Research

21

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