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  5. Insurance in Latin America 2014: The CIO Perspective

Insurance in Latin America 2014: The CIO Perspective

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6 May 2014
Juan Mazzini

Abstract

This report reviews current business trends facing the insurance market in Latin America and how they are driving IT investment and strategies. Growth is the dominant theme. Growth is expected in the economy, in insurance, in IT budgets, and in IT staff. Insurers are responding to business drivers with investments in the main areas: Digital, Analytics, Core and Ecosystem Transformation, and Innovation.

Every year, Celent surveys insurance CIOs, asking them about their pressures, priorities, and practices for the coming year. In the report Insurance in Latin America 2014: The CIO Perspective, Celent provides the most important results from this year’s survey.

The objective of this report is to review current business trends facing the Latin American market and how they are driving IT investment and strategies.

Latin America is a large, diverse marketplace containing economies with significant different sizes and levels of maturity. Due to this diversity some trends discussed in this report may not reflect the situation in a specific country, but Celent is confident that the report reflects the major trends in the region.

“The existing and emerging technologies that will enable digital and nondigital strategies to provide the customer experience required by a sophisticated consumer are already here and are improving day after day,” says Juan Mazzini, Senior Analyst with Celent’s Insurance Group and author of the report. “Mastering the pieces will require a dose of ruthless execution and systemic innovation companywide. It remains to be seen if insurers are up to the challenge.”

This report examines 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:

  • Digitalization.
  • Analytics.
  • Legacy and ecosystem transformation.
  • Innovation and emerging technologies.
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