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  5. Insurance in Latin America 2013: The CIO Perspective

Insurance in Latin America 2013: The CIO Perspective

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6 August 2013
Juan Mazzini

Abstract

Every year Celent surveys insurance CIOs asking them about their pressures, priorities, and practices for the coming year. This report provides the most important results from the survey.

This report, Insurance in Latin America 2013: The CIO Perspective, is the first edition of Celent’s CIO survey for Latin America. The report reviews business trends and how they are driving IT investment and strategies; it also benchmarks findings from companion reports for North America, Europe, and Asia-Pacific.

Trends discussed in this report reflect Celent’s experience of the market based on ongoing discussions with the industry and, specifically, interviews with selected Latin American insurance CIOs with responsibilities over a total of 36 insurance companies located in Argentina, Aruba, Bolivia, Brazil, Chile, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Jamaica, Mexico, Panama, Peru, Uruguay, and Venezuela.

There are several distinct trends in Latin America:

  • Continued growth.
  • More upgrading/replacing of policy administration systems.
  • Insurers starting to take advantage of cloud-based solutions.
  • Mobile and social media reshaping the consumer profile.
  • Enhanced support for agent distribution channels.
  • Investment in support for other distribution channels.

“CIOs are reacting to the business imperative of becoming smarter, doing more with less,” says Juan Mazzini, Senior Analyst with Celent’s Insurance Group and author of the report. “The demand for solutions we are seeing is totally aligned with the drivers indicated by CIOs: agility, growth, and ease of doing business with distribution partners and agents.”

The report identifies key business themes and discusses broad IT investment plans and priorities for Latin American insurers. IT spending and interest in new and emerging technologies, such as mobility solutions, are also addressed.

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