Property/Casualty Insurer CIO Pressures and Priorities 2020

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:

1. Business goals’ influence on IT plans.
2. Application portfolio plans.
3. IT budgets: IT budget as a percentage of DPW.
4. IT budgets: Change in the IT budget 2020 vs. 2019.
5. IT budgets: Maintenance, replacement, and innovation.
6. Utilization of cloud-based services.
7. Sourcing preferences for certain solution categories.
8. CIO involvement in innovation.
9. 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.