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Insurer IT Priorities Evolving Faster than Budgets: Novarica Report

Security, innovation, digital, and analytics coming to the fore for insurer CIOs, but historical spending patterns continue to hold … for now …

Boston, MA (Oct. 10, 2017) – Overall average IT spending levels and patterns for next year are basically consistent with prior years, but insurer CIO pressures and priorities are evolving, according to research and advisory firm Novarica. The firm published Insurer IT Budgets and Projects 2018 today, its 10th annual survey of more than 90 insurer CIOs about their plans for the coming year.

“We may be starting to see some real evolution in insurer IT spending and planning,” said Matthew Josefowicz, president and CEO of Novarica, and lead author of the report for the last decade. “Security issues and innovation are breaking into the list of top concerns and challenges as multi-year core systems projects started in previous years are being completed. While average spending patterns haven’t changed significantly yet, there is a shift in priorities and challenges, and increased variability in the sample. It will be interesting to see how this evolves in the next few years.”

Top IT Priorities and Challenges for 2018 and Beyond

Top IT Priorities and Challenges for 2018 and Beyond

Mr. Josefowicz will present and discuss the findings of the study in a webinar on Wed., Nov.

The full report is available online.

About Novarica

Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and over 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com.

SOURCE: Novarica

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