2011 US Insurance CIO Survey: Pressures, Priorities, and Practices
Abstract
Celent reports the findings of its annual survey of US insurance CIOs. This year’s survey confirms that CIOs believe there is a “New Normal” environment for their companies, but nevertheless have a focus on growth.
In a new report, 2011 US Insurance CIO Survey: Pressures, Priorities, and Practices, Celent highlights business issues and IT priorities reported by property/casualty and life/health CIOs. Findings include allocation of resources for new initiatives, year-to-year changes in IT budgets, and the anticipated evolution of technology platforms over the next three years.
“There is a modest increase in year-over-year total IT spending growth, showing a positive trend from a year earlier,” says Craig Weber, Senior Vice President of Celent's Insurance group and coauthor of the report. “CIOs are continuing to focus on execution and balancing priorities,” he added.
“Multiyear core system initiatives are the biggest big ticket items, although analytics projects also showed strength.” adds Donald Light, Senior Analyst with Celent's Insurance Group and coauthor of the report.
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 part of Marsh & McLennan Companies [NYSE: MMC].
Media Contacts
North America (New York)
Dana Greenstein
dgreenstein@celent.com
Tel.: +1 646 364 8254
Europe (Stockholm)
Nick Bockh
nbockh@celent.com
Tel.: +46.8.650.4401
Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3500.3023
Table of Contents
|
Executive Summary |
3 |
|
Introduction |
4 |
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Key Findings |
6 |
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The New Normal |
7 |
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Priorities and Projects |
10 |
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IT Budgets and Staff |
17 |
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Technology and Infrastructure Strategies |
22 |
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SOA and Web Services |
28 |
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Sourcing Strategies |
33 |
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Development Strategies |
36 |
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Emerging Technology |
40 |
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Conclusions |
42 |
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Leveraging Celent’s Expertise |
43 |
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Related Celent Research |
44 |