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CIO Pressures and Priorities, 2022: Life Insurance North America

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Celent have reviewed this profile and believe it to be accurate.
1 February 2022

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:

  • 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.