2020 was a disruptive one in insurance, and the pandemic forced insurers to reprioritize planned initiatives, with more focus on the digitization of processes. Although 2021 remains a year full of questions about the potential return to normal business operations, insurers have remained optimistic. Global insurers’ main business goals influencing IT plans as they enter 2021 are growth and customer retention.
Every year, we survey insurance CIOs around the world, including Asia-Pacific, Europe, the Middle East and Africa, Latin America, and North America. We ran our global CIO survey between December 2020 and January 2021. More than 50 insurance CIOs, CTOs, or architects have contributed to our survey, and we think they represent a good mix of the market in terms of company size.
Although the survey was reasonably short, it covered a broad range of topics, including:
Business priorities: Insurers have the same business priorities of growth and retention, regulation requirements, and process automation.
IT budgets: We anticipate global insurers to increase their IT budgets in 2021.
COVID-19 implications: Many CIOs are already running their operations as usual, and most
of the others believe that 2021 will mark the full return to normal—albeit updated—business operations.
Analytics and AI: Data, analytics, and artificial intelligence remain hot topics. Global insurers are prioritizing natural language processing, fraud detection, and image recognition, with a focus on claims.
IT investment priorities: Insurers are focusing on customer and agent portals, as well as on analytics and artificial intelligence.
The cloud: CIOs plan to increase cloud adoption mainly for front-end systems and the development environment. They are also exploring cloud deployment for core back-end systems.
Cybersecurity: Cybersecurity is a growing concern among insurers. We predict they will devote more of their budgets to technologies that mitigate the impact of cyberthreats.
The 2021 priorities for global insurers are already becoming clear. Through our latest CIO priorities report series, Celent has offered a range of recommendations regarding strategic focus, especially when it comes to technology strategy. In 2021, we will continue to provide timely insights into
post-pandemic market changes and the IT strategies necessary for leaders in the new normal.
Celent Survey: Insurance CIO Priorities for 2021 in Japan
Celent regularly conducts surveys on trends in the financial services industry. In this survey, Celent looks at priorities for IT strategies in 2021.
The survey consists of 10 questions and takes about 5 minutes to complete. All responses will be statistically tabulated and reflected in our survey report. We will not disclose any information that could identify individuals or companies when discussing the survey results in the report. Those who participate in the survey will receive a summary report of the survey results at a later date. Please let us know about your company’s initiatives.
To participate online, please click here: Celent Survey—Insurance CIO Priorities for 2021 in Japan.