Celent�s inaugural survey of European insurance IT executives uncovers a widespread focus on meeting market demands.
In a new report from Celent, European Insurance CIO Pressures, Priorities, Projects and Plans in 2007: Survey Results, Celent provides a deep information resource about behaviors, initiatives, challenges, and priorities for 2007 at European insurers.
“There is a real focus on meeting market demands,” says Catherine Stagg-Macey, senior analyst and author of the report, “and this business driver is reflected in the IT indicatives around broker portals and other e-business projects.” Ms Stagg-Macey goes on to say that the survey highlighted significant IT spending in policy administration.
Some of the other key findings highlighted in the report are as follows:
Although reliance on mainframes across the infrastructure is diminishing, core applications continue to run on mainframes for 75% percent of participants.
The J2EE and .NET debate continues with preference being split along size of insurer.
Web services and SOA are reality. Use of Web services/SOA in live, mission-critical systems and ancillary systems occurs mostly in the larger insurers with 60% reporting usage in mission critical systems.
The 44-page report covers a broad range of areas, including detailed budget breakdowns, staffing plans and ratios, and an analysis of insurer activity in over 70 specific technology initiatives ranging from direct online sales to core systems to specific deployments of business process management and document management systems. The report contains 27 figures analyzing survey responses.
A table of contents is available online.
Celent, LLC is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. www.celent.com.