50% of Insurers Are Improving IT Governance Practices: Novarica

Changes in development methodologies and the role of technology require new approaches

Boston, MA (Mar. 5, 2019) – As insurers expand on Agile development and cloud adoption, implement DevOps, and continue to drive IT organizations to greater efficiency, CIOs are finding that the old methods of IT governance need updating as well. In a new report, IT Governance in Insurance: Expansion and Key Issues, research and advisory firm Novarica reviews key changes and challenges associated with IT governance and review solutions CIOs are considering or ought to consider in modernizing their IT governance approach.

“Rather than focus on control, IT governance can provide a solid framework for effective collaboration,” said Eric Weisburg, Vice President of Research and Consulting, and co-author of Novarica’s new report. “In this model, executive leaders, business unit heads, and IT leaders all share a common goal – to maximize the value of IT investments for the company as a whole. This means managing demand for scarce resources, developing and maintaining effective cost and value models, ensuring that projects in flight are well-managed and supported, and making sure that the company can learn from experiences.”

A preview of the brief is available online.

Summary

The importance of IT governance for insurers is growing. Old practices need updating as they expand Agile development and cloud adoption, implement DevOps, and drive IT organizations to greater efficiency. Increasing investment in digital and data initiatives also pose a challenge to traditional forms of IT governance.

Modern IT governance processes optimize IT resource allocation for this new environment. Successful IT governance focuses on high levels of collaboration via strong communication programs that align IT and business with corporate strategic objectives, rather than focusing primarily on process control and budgeting.

Click here for the table of contents or to access the report.

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 of more than 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. For more information, visit www.novarica.com.

Source: Novarica

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