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  5. Dimensions: P&C Insurance IT Pressures & Priorities 2024: North American Edition

Dimensions: P&C Insurance IT Pressures & Priorities 2024: North American Edition

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20 February 2024
Andrew Schwartz

Abstract

Annually, Celent examines the business priorities, IT budgets, and investments being made by North American property & casualty insurance company technology executives. Celent publishes similar reports on EMEA, Asia-Pacific, and Latin America. In December 2023 and January 2024, Celent distributed an online survey to North American P&C insurance company technology executives. The survey covered a broad range of topics, including business priorities, IT budgets, investment plans, and Generative AI/LLMs. A few findings include:

·IT Investment: Insurers are optimistic about the future business climate and are increasing IT spending to foster growth

·Cybersecurity: Cybersecurity is a critical area of focus, with the top half of insurers significantly increasing their cybersecurity budgets

·Gen AI: There is significant investment in generative AI and Large Language Models, with 71% of insurers allocating budget to GenAI/LLM projects or in the research phase

·Core Systems: Core systems remain an active investment area, with planned enhancements across the three major systems

·Cloud Adoption: CIOs are committed to expanding their organizations’ use of the cloud, especially for analytics, portals, and support systems

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