Product Code: IT004-000384
As conditions in the insurance market worldwide slowly improve, CIOs are now beginning to reassess their strategies and a new set of IT priorities are emerging. This report provides a summary of the emerging IT priorities and how these are reflected in IT spending within various insurance markets and across different business functions. It also provides some key growth rates and spending forecasts through to 2017.
- Insurers in most regional markets are cautiously moving from a cost-cutting stance to investment in strategic IT projects.
- Analyzes emerging IT priorities of life and non-life insurers across Europe, North America, and Asia-Pacific, and assesses how these are reflected in IT spending across different business functions.
- Quantifies key market IT spending sizes and growth rates through to 2017.
- What are the key areas of IT spend across global insurance markets and why?
- What is the value of spend by IT category and how fast will spending grow?
Table of Contents
- Ovum view
- Key messages
- INSURERS EMERGE FROM COST-CUTTING MODE
- Digital channels, legacy modernization, and compliance are the key areas
of IT spending for the global life insurance sector
- Focus on customer interaction is driving spending on digital channels
across all non-life insurance sectors
- OPERATIONAL EFFICIENCY AND ORGANIZATIONAL FLEXIBILITY ARE KEY
PRIORITIES FOR LIFE INSURERS
- IT spending by Asia-Pacific life insurers will see the region overtake
- Supporting market growth is the IT priority for Asia-Pacific life
- Regulation and digital channels are key IT priorities for North American
- European life insurers need to tackle legacy modernization
- DIGITAL CHANNELS ARE THE KEY IT PRIORITY ACROSS NON-LIFE INSURANCE
- IT spending by North American and European non-life insurers will remain
- Core infrastructure and channels are key IT priorities for Asia-Pacific
- Customer interaction and operational efficiency are key to North
American non-life insurers
- Digital channels and fraud detection are emerging as priorities for
European non-life insurers
- Recommendations for insurance companies
- Realign IT strategy toward strategic investment projects
- Leverage investment in compliance
- Recommendations for vendors
- Focus on insurance CIOs' current priorities - digital channels, legacy
modernization, and regulatory compliance
- Vendors also need to propose IT projects that transcend the immediate
priorities and drive revenue growth
- Further reading
- Ovum Consulting
- Figure 1: Global life insurance IT spending and growth rates
- Figure 2: Global non-life insurance IT spending size and growth rates
- Figure 3: Summary of regional IT spending, by insurance line of business
- Figure 4: Life insurance IT spending and growth by region
- Figure 5: Global life insurance market by IT spending category
- Figure 6: Non-life insurance IT spending and growth by region
- Figure 7: Global non-life insurance market by IT spending category