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  5. Life/Health Insurance CIO Pressures and Priorities 2016: North America Edition

Life/Health Insurance CIO Pressures and Priorities 2016: North America Edition

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22 January 2016
Tom Scales
Donald Light

Abstract

At the end of every year, Celent surveys insurance company CIOs, asking the pressures they are facing and the priorities they have set for the coming year. The report covers eight topics including IT budgets, plans for initiatives, specific applications, and digital.

The report covers responses of CIOs of large and midsize insurers on eight topics:

  1. Business goals’ influence on IT plans.
  2. The status of major IT initiatives.
  3. Replacement or maintenance plans for specific applications.
  4. IT budgets: IT budget as a percentage of DPW.
  5. IT budgets: Change in IT budget 2016 vs. 2015.
  6. IT budgets: R&D as a percentage of total IT budget.
  7. Digital strategy planned activity.
  8. Incremental vs. disruptive innovation.

“As life and health CIOs look forward to 2016, business leaders of large insurers say they want IT to focus on growth and retention, while midsize insurer CIOs are asked to focus on cost reduction,” says Donald Light, director of Celent’s North America Property/Casualty practice and coauthor of the report.

“There is also a split between the plans of large and midsize CIOs,” says Tom Scales, a research director with Celent’s insurance practice, and coauthor of the report. “Large insurer CIOs are more focused on digital initiatives and analytics. Midsize insurer CIOs are emphasizing core system and ecosystem transformation. CIOs are enjoying adequate-to-good levels of financial resources.”

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