At the end of every year, Celent surveys insurance company CIOs, asking them about their priorities for the coming year.
The survey covered nine topics regarding their plans for 2020:
- Business goals’ influence on IT plans.
- Application portfolio plans.
- IT budgets: IT budget as a percentage of DPW.
- IT budgets: Change in the IT budget 2020 vs. 2019.
- IT budgets: Maintenance, replacement, and innovation.
- Utilization of cloud-based services.
- Sourcing preferences for certain solution categories.
- CIO involvement in innovation.
- Use of insurtech solutions.
Looking at the 2020 CIO survey as a whole, as in several recent years, there is a sense of purpose that emerges from CIOs’ responses.
- Focusing on growth, innovation, and process optimization.
- Enjoying good year-over-year increases in IT budgets.
- Promoting on data and analytics, core systems, and portals.
- Moving cautiously back to some internal build initiatives.
- Continuing adaption of cloud-based solutions.
- Playing significant roles in innovation.
- Utilizing insurtech in multiple process areas.
2020 should be a good year.
For over 20 years, Celent has helped senior executives make confident decisions around their technology strategies to execute at scale.
As the financial services industry rapidly evolves, there is more complexity, with new regulations, startups, technologies, and applications to stay on top of and prioritize. Celent helps you connect this ever-changing puzzle. We offer objective advice and clarity, backed by a database of thousands of solutions and award-winning global best practice use cases. With real-life domain expertise, we also guide you through the maze of emerging tech in the pursuit of value.
Our people, data, insights, and relationships form the foundation for you to use Celent to make confident technology decisions in financial services.
