Celent takes its fifth annual look at what US
insurance company CIOs and CTOs are planning for the new year.
A new report, Insurance CIO/CTO Pressures,
Priorities, and Plans in 2008: US Survey Results, is designed to
provide information about behaviors, initiatives, challenges, and
priorities for 2008 at US insurers. This report is intended to benefit two
audiences: it is a valuable benchmarking and strategic planning tool for
insurance CIO/CTOs and their staffs; and a source of critical market
information for service and solution providers.
A year ago, Celent concluded that the outlook for
2007 was one of continuity rather than rapid change. In some ways, 2008
may be more of a transitional year. Premium growth for the industry
appears to be slowing, and IT staffing levels look like they will follow
suit. The credit crisis and recession fears facing the general US economy
in late 2007 have added a somber note. However, Celent expects 2008 to be
a year of continued investment in new applications and solutions. Growth
continues to be an imperative—but growth in a soft market can mean
growing relative to competitors. IT spending is focused on getting new
business in the door,
“At the top of the list of the most important
challenges and opportunities facing insurance CIOs and CTOs in 2008 is
maintaining growth in a softer and more uncertain market by investing in
new business and underwriting solutions and by upgrading other core
systems,” says Donald Light, senior
analyst with Celent and coauthor of the report.
“Right behind is controlling expenses by
continuing to migrate to a more modern infrastructure such as SOA,” adds
Craig Weber, managing director of
Celent’s insurance group and coauthor of the report.
The 48-page report contains 36 figures and three
tables. A table of contents is available
online.
