Celent Insurance Newsletter, November 2010

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23 November 2010
New York, NY, USA

From the Senior Vice President

As we charge toward year end, I have a question for you: Are you confident your company will succeed in the emerging New Normal?

For those of you who have not seen Celent's New Normal presentation and report, what we're talking about is the current state of equilibrium in the insurance industry, which looks a lot different than it did two or three years ago. Driven by the economy and consumer shifts, it looks like the mid-term forecast is for fewer premium dollars and more competition for those dollars. In other words, I predict most insurers are going to be working harder. Or smarter. Or both.

We see the effects in our preliminary CIO/CTO survey results. Taking a "business as usual" approach is a recipe for decline, so strategic shifts are under way. Spending on technology has picked up. But rather than celebrating, most CIOs seem to have a new urgency behind everything they do.

At Celent, we're bringing new tools online to help our clients make informed technology decisions. As a refinement to our ABCD vendor views, we've introduced the XCelent Awards (catchy name, huh?) to highlight vendors that demonstrate particular strengths. We've also cloned our popular Model Insurer series for the Asian market, and we will have an event and report early in 2011.

Of course, our regular Model Insurer and CIO Roundtable traditions will continue, with live events in New York City on February 10 and 11, 2011. These events and a full research slate are focused on helping you thrive in today's challenging New Normal.

Craig Weber
Senior Vice President

Chart of the Month

From the Celent report Approaching the Boiling Point: BPO, SaaS in Insurance

Celent Published Reports

North American North American Life Insurance New Business and Underwriting Systems, 2010

Ceded Propety/Casualty Reinsurance Spectrum

Bancassurance in the Asia-Pacific Region: Replacing the Agency Distribution Model

IT Services Vendors Solutions Spectrum: EMEA Version, 2010

Insurance Customer Service Trends in North America

Outsourcing Trends in Indian Life Insurance

Is Today the New Normal for the US Insurance Industry?

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

The Differentiation Challenge for North American IT Services Vendors

Research in Progress

  • Core Claim System Vendor View 2010: Property & Casualty Insurance, US
  • North American SnAppshot: A look at mobile apps aimed at insurance consumers
  • Asian Model Insurer 2010: Case Studies in Effective Use of Technology
  • Trends in Life Insurance New Business and Underwriting Solution Usage
  • Enterprise 2.0 for Insurers
  • Global IT Spending: 2011-2013

Events

Insurance Technology 2nd Annual Summit 2010
Ravi Nawal
Indian Financial Services Group
December 14, 2010
Mumbai, India

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