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  5. Strategic Technology Risk: What It Is and How to Mitigate It

Strategic Technology Risk: What It Is and How to Mitigate It

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24 June 2022
Donald Light

Abstract

The Premise: Technology enables corporate strategies that are designed to achieve corporate objectives

Strategic Technology Risk exists to the degree that an insurer’s application portfolio, infrastructure, and technology plans do not adequately enable its corporate objectives and strategies.

Achieving most (though not all) corporate objectives and successful execution of (nearly all) strategies depend on having the right technology.

The greater the shortfall in how well an insurer’s technology enables its strategies, the greater the insurer’s Strategic Technology Risk.

Strategic Technology Risk is illustrated by case studies of three (hypothetical) insurers:

  • A small mutual insurer growing cautiously
  • A large commercial lines insurer addressing profitability
  • A midsize specialty insurer prioritizing growth

There are five steps to assess Strategic Technology Risk and to begin to mitigate it

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