Insurance in Latin America 2015: The CIO Perspective

by Juan Mazzini, July 10, 2015
Industry Trends
Latin America

Abstract

This report reviews current business trends facing the insurance market in Latin America and how they are driving IT investment and strategies. Process optimization, meeting regulatory requirements, and IT-enabled innovation are the main business drivers of IT plans. As a result, activity is focused in IT projects related to digital transformation initiatives and IT-enabled innovation, followed by core system replacement and data mastery/analytics.

Every year Celent surveys insurance CIOs asking them about their pressures, priorities, and practices for the coming year. This report provides the most important results from the survey completed for 2015.

This report examines current business trends facing the Latin American market and how they are driving IT investment and strategies. Celent’s goal in this report is to provide an outlook on insurance and IT for the region, along with the IT initiatives around the main themes of coverage:

  • Digital
  • Analytics
  • Legacy and ecosystem transformation
  • Innovation

“Digital transformation projects and IT-enabled innovation stand as the top priorities for CIOs, followed by core system replacement and data mastery and analytics,” says Juan Mazzini, a senior analyst with Celent’s Insurance practice and author of the report. “If you want to think of how to be the successful insurer of tomorrow, you need to consider these priorities as an interrelated system today.”

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

 

Key Research Questions

1

Introduction

2

 

Key Research Questions

2

 

Methodology

4

Market Overview

5

 

Economic and Insurance Outlook

6

IT Business Drivers

9

IT Priorities

12

IT Investments

20

 

IT Budget

20

 

IT Spending

21

 

IT Staffing

23

Conclusion

26

Leveraging Celent’s Expertise

28

 

Support for Financial Institutions

28

 

Support for Vendors

28

Related Celent Research

29

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