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