At the end of every year, Celent surveys insurance company CIOs, asking them about their priorities for the coming year.
The survey covered nine topics regarding their plans for 2020:
- Business goals’ influence on IT plans.
- Application portfolio plans.
- IT budgets: IT budget as a percentage of DPW.
- IT budgets: Change in the IT budget 2020 vs. 2019.
- IT budgets: Maintenance, replacement, and innovation.
- Utilization of cloud-based services.
- Sourcing preferences for certain solution categories.
- CIO involvement in innovation.
- Use of insurtech solutions.
Looking at the 2020 CIO survey as a whole, as in several recent years, there is a sense of purpose that emerges from CIOs’ responses.
- Focusing on growth, innovation, and process optimization.
- Enjoying good year-over-year increases in IT budgets.
- Promoting on data and analytics, core systems, and portals.
- Moving cautiously back to some internal build initiatives.
- Continuing adaption of cloud-based solutions.
- Playing significant roles in innovation.
- Utilizing insurtech in multiple process areas.
2020 should be a good year.
