At the end of every year, Celent surveys insurance company CIOs, asking the pressures they are facing and the priorities they have set for the coming year. The report covers eight topics including IT budgets, plans for initiatives, specific applications, and digital.
New York, NY (Jan. 25, 2016) – The report covers responses of CIOs of large, midsize, and small insurers on eight 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 2016 vs. 2015.
- IT budgets: R&D as a percentage of total IT budget.
- Digital strategy planned activity.
- Incremental vs. disruptive innovation.
“As CIOs look forward to 2016, business leaders are saying they want process optimization, and growth and retention to inform IT priorities,” says Donald Light, director of Celent’s North America Property/Casualty practice and coauthor of the report. “Core system modernization is a top IT initiative. Resources in most cases are adequate. However, some CIOs will be challenged by flat or reduced levels of resources.”
Click here to view the table of contents or purchase the reportfrom 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).