CIOs in all segments identify the business goal of growth and retention as a top priority. Two initiative types lead the CIOs’ rankings in all three segments: legacy modernization and operational excellence.

Celent has released a new report titled Life Insurance CIO Pressures and Priorities 2017: North America Edition. The report was written by Tom Scales and Donald Light, Research Directors in Celent’s Insurance practice.

The survey shows that CIOs in all segments identify the business goal of growth and retention as a top priority. Two initiative types lead the CIOs’ rankings in all three segments: legacy modernization and operational excellence.

Average increases of 5% to 7% for many insurers were balanced by no increases or even decreases for others.

“Life insurers’ focus on growth and retention is consistent with Celent's conversations around the industry,” said Scales. “Technology spending in life insurers has historically focused on building the business.”

“We see a strong focus on innovation, which is encouraging,” said Light. “More insurers are investing in insurtech, either through projects or their venture capital arm as well.”