Insurance CIOs must meet an increasingly complex set of objectives to simultaneously deliver revenue growth, enhanced customer service, operational efficiency, and substantial operational cost reductions.Charles Juniper
Ovum Principal Analyst
What are the big challenges for 2016?
Global IT spend among insurers will see strong growth in 2016 and will be focussed on delivering a superior channel experience. They’ll also be looking at developing the insurance business model through areas such as pay-as-you-drive propositions and the growth of insurance as a utility.
The highest-priority IT projects will relate to digital channels and delivering a compelling overall customer experience. It also shows that insurance CIOs must meet an increasingly complex set of objectives to simultaneously deliver:
Our Insurance Technology research enables you to:
- Understand how technology is being adopted, and the industry trends driving this change, across the global life, property & casualty/general and commercial insurance sectors.
Assess the opportunity
- ICT Spending Forecast. A five-year view on growth in the insurance market, segmented by business function, technology source and geography, and updated annually
- Trends to Watch. Signature reports highlighting the key predictions and trends in insurance technology for the year ahead
- Strategic Focus reports. Comprehensive and business-focussed analysis of the critical issues impacting technology development and investment in the insurance industry. Themes include UBI, cloud, data analytics, fraud, and legacy modernization.
Target the market
- Ovum Decision Matrix. These reports provide a detailed and comprehensive benchmark of the key product and service vendors in a particular area of the insurance market.
- ICT Enterprise Insights – Insurance. An interactive tool for assessing ICT investment patterns in the insurance industry globally, with the ability to segment by geography, company type, and solution area
- Innovation case studies. Recommendations, best practice, and advice based on the experiences of organizations using technology to solve business challenges.
Compete to win business
- ICT Sales Prospector. Helps vendor sales teams to assess industry revenue potential, and quickly create targeted lists of companies with detailed information from a database of over 800,000 organizations.
- Digitisation and the customer experience: Insurance to 2020 and beyondWith the industry facing growing threats from new entrants, alongside rising consumer expectations, the challenge of what to do with legacy infrastructure is more relevant now than ever. The need for digital transformation is greater than ever, and areas such as UBI will increasingly need modern, flexible architecture as a prerequisite.
- IoT: Delivering next generation insurance servicesConnected devices are poised to fundamentally change the way insurers price risk across large parts of the industry. In the personal lines, motor, home and health insurance face huge disruption, while the commercial sector also faces rapid change. Products and supporting infrastructure will need to be rapidly re-designed to respond to these industry changes.
- The data-driven insurerData analytics is now a key theme in insurance. Product development, underwriting, digital marketing, claims fraud, channel optimization and cross-selling strategies will increasingly be driven by customer data. Emerging models based around IoT technology make advanced data analytics even more important in shaping the future of the P&C insurance space.
- Deeper focus on Insurance in our ICT Enterprise Insights study, with additional insights into IoT and core renewal strategies