Infrastructure and Data Standardization: Making the Most of IT Resources

by Nicolas Michellod, June 23, 2015
Industry Trends
Global

Abstract

Standardization in insurance is a strategic question today, taking into consideration the difficult market conditions in which insurers have to operate, especially in mature markets.  

In the report Infrastructure and Data Standardization: Making the Most of IT Resources, Celent looks at infrastructures, data and backup data center standardization, data consolidation and standardization, and the use of shared services in insurance. The report is based on the results of a survey launched during the last quarter of 2014 in relation to standardization of infrastructure and data as well as shared services.

“A majority of insurance companies share system operations and help desk support across geographies, but system development is less frequently shared,” says Nicolas Michellod, a senior analyst with Celent’s Insurance practice and author of the report. “We observe it has been easier to standardize infrastructures in comparison to systems, and we think rationalization and centralization of infrastructures will accelerate in the near future.”

This report contains 12 figures.

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 a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Survey Methodology

2

 

Survey Structure

2

 

Panel of Participants

2

Standardization of Infrastructures

4

 

Data, Backup Data Centers, and Groupware Standardization

4

 

Factors Influencing Standardization

5

 

Future Evolution

6

Data Standardization

8

 

Accounting and Enterprise Risk Data Management Consolidation

8

 

Ranking the Drivers Influencing Insurers’ Decisions

9

Shared Services

11

 

Process Sharing

11

 

Multi-Country Preferences

12

Final Thoughts

14

 

Infrastructures Are Easier to Standardize in Comparison to Systems

14

 

Rationalization and Centralization of Structures Will Accelerate

15

Leveraging Celent’s Expertise

16

 

Support for Financial Institutions

16

 

Support for Vendors

16

Related Celent Research

17

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