Insurance CIO Pressures, Priorities, Projects, and Plans in 2008: European Survey Results

by Catherine Stagg-Macey, February 13, 2008

Abstract

London, United Kingdom 13 February 2008

Celent takes its second annual look at what European insurance IT executives are planning for the upcoming year.

As the dust settles on the subprime storm, Celent expects insurers to continue along the investment lines of their 2008 budgets. There remain compelling reasons to tackle legacy systems and improve the overall interaction experience of customers and brokers. A new report from Celent, , provides an information resource about behaviours, initiatives, challenges, and priorities for 2008 at European insurers.

Celent expects 2008 to be a year of continued investment in new applications and solutions. Insurance companies have seen enough examples of the value delivered by technological innovation to keep the spending spigot turned on. However, they will also keep more of an eye turned toward the general economy as 2008 unfolds.

"Insurance CIOs maintain a focus on streamlining operations," says Catherine Stagg-Macey, senior analyst with Celent's insurance group and author of the report. "This business driver informs a real determination to take on the challenge of core legacy systems."

Ms. Stagg-Macey continues, "Overall, the industry has had some good years recently, providing them with the cash and momentum to tackle some serious IT issues. 2008 will be about getting the house in order."

Some of the other key findings of the survey show continued investment in Web services and SOA in order to improve integration efforts, especially in the area of new business; and the importance of supporting core system replacement projects with a solid business rationale. Vendors face a corresponding set of issues.

The 41-page report covers a broad range of areas, including detailed budget breakdowns, staffing plans, and ratios. The report contains 29 figures analysing survey responses. 

A table of contents is available online. Members of Celent's Life/Health Insurance and Property/Casualty Insurance research services can download the report electronically by clicking on the icon to the left.  Non-members should contact info@celent.com for more information.  

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 operating unit 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

London, United Kingdom 13 February 2008

Executive Summary 03
Introduction 04
Key Findings 07
About the Survey 08
Business Pressures and IT Priorities 10
Budgets 15
Staffing 18
New Project Spending 22
Specific Initiatives 25
Outsourcing 27
Platforms and Technologies 29
SOA / Web Services 33
Electronic Signatures 37
Web 2.0 40
Conclusions 41

 

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