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  5. 2023 North American Life Insurance IT Priorities and Pressures

2023 North American Life Insurance IT Priorities and Pressures

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5 February 2023
Karen Monks
Keith Raymond

Annual CIO Survey Results

Abstract

With this annual report, Celent examines business priorities, IT budgets, and investments being made by North American life insurance company technology executives. Findings show:

  • North American life insurers are increasing their IT budgets despite the tough economic conditions characterized by higher inflation and interest rates.
  • CIOs are focusing on growth and digital acceleration as they plan their 2023 investments.
  • Cybersecurity has moved up to third in priority and CIOs are increasing their cybersecurity budgets.
  • Maintaining current systems makes up the largest proportion of the CIO budget. Internal and external budget allocations are nearing parity.
  • Policy administration, billing and claims systems rose to the top of core system investment plans. Underwriting systems are still important, but they dropped as an investment priority for 2023.
  • Insurers are planning less investments in front-end components for 2023 compared to 2022.
  • Insurers want to improve their analytics capabilities and leverage artificial intelligence where possible.
  • They tend to develop front end and data and analytic systems, but typically purchase core systems.
  • Celent has observed a growing use of low-code/no-code (“LCNC”) platforms for system development. LCNC platforms allow business staff toconfigure front end interfaces’ changes for instance.
  • A small majority of insurers surveyed consider the outsourcing approach such as BPO.
  • Today, over 75% of NA life insurers are considering a cloud deployment approach depending on the system types.
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