It is always hard to believe when we hit mid-summer (or mid-winter for those below the equator), we are over halfway through the calendar year. This year in particular seems to have zoomed by (no Zoom pun intended).
The year 2023 will be remembered for many things. We are post-pandemic. Inflation is rampant.
Times are challenging.
Because of all the changes and complexities of the world, Celent recently put together a webinar series to address where we are at mid-year across all of the lines of business that we cover. If you would like to watch the recorded webinar, which we encourage, please click here for the hub page.
In this blog, I thought I would focus on the insurance sessions. Both the P&C/General session and the Life and Health session have been available for review since 25 July. Other topic areas include Retail Banking, Wealth Management, Corporate Banking, Risk, and Capital Markets – all available through the main link.
Let’s dive into a little taste of the webinars.
On the P&C/General side, the team shared their view of both 2023 and the changes in direction since mid-year. A highlight continues to be the use of AI and data to revolutionize many processes in the industry. For example, they shared this information on touchless claims:
On the Life and Health side, AI was a key part of the webinar as well. In this case, the use of Generative AI and Large Language Models (LLM). What many people would just refer to as ChatGPT. It is a great discussion and well worth the listen. Celent analyst Keith Raymond even shared the results of a recent poll on the use of LLM in insurers and the results are surprising.
Another area of focus on the Life and Health size that was encouraging was spend. Celent’s research showed that 2023 would be a strong year for IT spend, even in the light of inflationary pressures. This continues to be the view at mid-year. What is surprising is the scale of the growth:
Over three-quarters of insurers responded that they grew their IT budget for 2023.
We won’t steal more of the thunder of the webinars, but certainly encourage you to take a look. We also love feedback, so feel free to drop me a note at tscales@celent.com.