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
