Visions and Re-Visions for Insurance Technology

by Donald Light, May 24, 2010
Global, Asia-Pacific, EMEA, Latin America, North America

Abstract

What is a vision for an insurance company’s IT group? What good does it do? Should it ever change? Does every IT group need one? This report provides answers.

In a new report, Visions and Re-Visions for Insurance Technology, Celent looks at the concept of an explicit, persistent vision for an insurer IT group. It describes the characteristics of a good vision statement and best practices for integrating the vision into the group’s budget and planning cycles. The report includes case studies of how two insurers created and used a vision.

The report also offers a Celent template for an IT vision.

“By its nature, an IT group vision does not represent empirical or quantifiable goals,” says Donald Light, Senior Analyst with Celent’s Insurance Group and author of the report. “But over a period of several years, having a vision allows the question to be asked, ‘Are we appreciably closer to our vision than we were two, or three, or five years ago?’”

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

3

Introduction

4

What Is an IT Vision?

5

Getting, Using, and Re-Visioning

10

Two Visions

12

A Celent Insurance IT Vision Template

14

Conclusion

16

Leveraging Celent’s Expertise

17

Related Celent Research

18

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