New York, NY (Jan. 12, 2015) – What are property/casualty insurer CIOs planning for 2015? What business priorities are they reacting to, what initiatives will they be funding, and how are they investing in digital and innovation? This report provides the answers.
This report is based on a survey of CIOs and covers the following topics:
- Business goals’ influence on IT plans;
- The status of major IT initiatives;
- Replacement or maintenance plans for specific applications;
- IT budgets: IT budget as a percentage of DPW;
- IT budgets: Change in IT budget 2015 vs. 2014;
- IT budgets: R&D as a percentage of total IT budget;
- Digital strategy planned activity;
- Incremental vs. disruptive innovation.
“As CIOs look forward to 2015, business leaders are telling CIOs they want IT to support growth and policyholder retention. Resources are generally available and are being used, especially for core systems, analytics, and IT operational excellence,” says Donald Light, research director with Celent’s Insurance practice and author of the report. “All in all, there is a sense among the CIOs of purpose, direction, and realistic optimism.”
More detailed analysis is available in the 24-page report, featuring one table and 16 charts, available from Celent.
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 based 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).