What Insurance Customers Really Think: An IT Service Provider Report Card

by Catherine Stagg-Macey, October 7, 2010
Product Trends/ Reviews
EMEA

Abstract

The global IT services industry is large and expanding, with the sector for insurance reaching $37 billion in 2010. Celent provides important insights regarding what insurance customers think of their IT service providers.

In spring and summer of this year, Celent undertook two research projects to document the IT service providers available to insurers in Europe and North America. Part of this research included customer interviews. In a new report, What Insurance Customers Really Think: An IT Service Provider Report Card, Celent explores this aggregated customer feedback in more detail to analyze the types of services being outsourced, the customer experience, and areas for improvement.

“For the most part, insurers seem to be positive about their existing relationships,” says Catherine Stagg-Macey, Senior Analyst with Celent’s Insurance Group and author of the report. “In terms of perceived value, our data shows that European insurers plan to increase spending in several areas, including infrastructure operations and management, and testing.”

This report examines which services are used most frequently and which of those have the highest satisfaction rates. The report concludes by discussing the challenges of service differentiation for providers.

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

3

Introduction

4

 

Survey Background

4

 

An Overview of the Customer

4

Key Findings

7

Categorisation of Services

8

The Services Scorecard

10

 

Services Being Used

10

 

The Services Scorecard

11

 

Spending on Services

12

Drivers of Choice of an ITS Partner

14

 

What Insurers Are Planning

15

 

The Sentiment Test

16

Reflecting on the Scorecard

18

 

An Upbeat Message for Insurers

18

 

The Challenge for IT Service Providers

19

 

Final Words

19

Leveraging Celent’s Expertise

20

 

Support for Financial Institutions

20

 

Support for Vendors

20

Related Celent Research

21

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