CIO Pressures and Priorities, 2022: Life Insurance North America
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1 February 2022
Annual CIO Survey Results
With this annual report, Celent examines business priorities, IT budgets, and investments being made by North American life insurance company technology executives. Findings show:
- CIOs are focusing on growth and digital acceleration as they plan their 2022 investments. The pandemic has continued to have a significant influence on plans.
- Maintaining current systems makes up the largest proportion of the CIO budget. Internal and external budget allocations are nearing parity.
- New business and underwriting systems continue to drive investments, followed by policy administration systems. Front end components that accelerate digital processes are also high on CIO lists.
- Life insurers are already using the cloud, and many are planning to expand its use in 2022. Cloud native systems are desired.
- Cyberattacks were experienced by many insurers; all insurers have increased their investments in cybersecurity regardless of their experiences.