Insurance in Latin America 2016: The CIO Perspective

by Juan Mazzini, April 25, 2016
Industry Trends
Latin America

Abstract

This report reviews business trends facing the insurance market in Latin America and how they are driving IT investment and strategies. Process optimization, IT-enabled innovation, and growth and retention are the business goals most significantly driving IT plans, and where activity is focused. Most insurers will spend between 2% and 4% of their DWP to support these initiatives and keep the business running. The average is 3.15%.

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 2016.

Celent 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.

“It’s rewarding to see how Digital and Innovation continue to be top in the priority of CIOs,” says Juan Mazzini, a senior analyst with Celent’s Insurance practice and author of the report. “Even though the results are not so visible yet, the industry is taking steps in the right direction.”

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].

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

3

Market Overview

4

 

Economic and Insurance Outlook

5

IT Business Drivers

8

IT Priorities

11

IT Investments

16

 

IT Budget

16

 

IT Spending

17

 

IT Staffing

19

Conclusion

21

Leveraging Celent’s Expertise

23

 

Support for Financial Institutions

23

 

Support for Vendors

23

Related Celent Research

24

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