London, United Kingdom
February 08, 2010

UK Insurance 2010: The CIO Perspective

Report Published by Celent

Insurers in the United Kingdom are focused on growth in 2010, and need to become more agile to achieve this.

Last year was undoubtedly a bleak year for UK PLC, and insurers did not go unscathed. Predicting the UK’s position in the cycle of the recession is difficult, but insurers show remarkable optimism for 2010. In a new report, UK Insurance 2010: The CIO Perspective, Celent looks at the technology plans and priorities for UK insurers. Hard decisions have been made, including cutting budgets and letting go of staff. But this year will see a renewed and invigorated sector, with the predominant goal of growing the business.

"If there is a single lesson for insurers from 2009, it’s the importance of an agile and flexible IT operation,” says Catherine Stagg-Macey, Senior Analyst with Celent's Insurance group and author of the report. “This has to be in place to support a rapid response to unpredictable operating conditions, so it’s not surprising to see continued planned investment around core systems, specifically underwriting, policy administration, and claims."

This report reviews in detail the current business trends facing the market for 2010 and how they are impacting IT investment. Five key business themes are identified, and the broad IT investment plans and priorities for UK insurers are reviewed. Details of budgets, use of outsourcing, impact of the recession, and IT investment hotspots are also addressed in this report.

Trends and data discussed in this report reflect Celent’s experience of the market based on ongoing discussions with the industry and, specifically, deep interviews with 16 CIOs at the end of 2009 and beginning of 2010.

This 28-page report contains six figures and three tables.

A table of contents for this report is available online.

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

 

About Celent

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 experienced 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 part of Marsh & McLennan Companies [NYSE: MMC].

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