Distribution, profit pressure, and continued competition set the backdrop for a challenging year for European insurers, along with steady IT budgets and a continued commitment to investing in technology.
London, United Kingdom – 9 February 2009 – In a new report, Trends in European Insurance for 2009, Celent delves into trends in general and life insurance in Europe and explores how they might influence IT investments.
Trends discussed in this report reflect Celent�s experience of the market based on ongoing discussions with the industry, and, specifically, in-depth interviews with ten CIOs at the end of 2008. The interviews covered business and IT priorities for 2009, as well as details around budgets changes, spending priorities, and attitudes towards outsourcing and Web 2.0.
�There are two strategies at play here,� says Catherine Stagg-Macey, senior analyst with Celent�s Insurance Group and author of the report. �Insurers are defending their business models and refining their channel strategies. These strategies are influencing important decisions in core system replacement, portal refreshes, and increased automation.�
This report highlights insurers� continued focus on improving profitability by managing expenses. Automation is the lever to better profitably, and many insurers are reviewing how manufacturing techniques can be applied to insurance processes.
�SOA is here to stay, and our conversations with CIOs reflect that. The decoupling of front and back offices is an important steps in positioning a company for agility,� Stagg-Macey adds.
This 22-page report contains 8 figures and one table. A table of contents is available online.
Celent 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. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC]. www.celent.com