The Pandemic Impact on North American Life Insurance Business and IT Plans
The sudden closure of the economy and the stay at home orders in March 2020 forced all North American life insurers to completely change how they work and reevaluate what they work on. To help gauge how insurers will treat the rest of the year in terms of budget and planning, Celent ran a survey that asked five questions about changing business goals, IT budget reviews, and impact on IT projects.
Although Celent expects that the findings in this report are subject to change depending on the length and severity of the pandemic, the results found in this report are based on the responses as of mid-April 2020.
- Respondents generally feel it’s too early to tell the impact of COVID-19 on their IT budgets and project plans.
- Priorities are moving toward process optimization and client retention. Celent believes the latter is the concern about policyholders lapsing due to economic facto
- Half of the insurers don’t foresee a change to their IT budgets as a result of COVID-19
- Most are continuing ongoing projects as planned, but future projects might be delayed or cancelled.