Insurance in the United Kingdom 2012: The CIO Perspective
UK insurers’ IT investment in 2012 will focus on core systems replacement and improving e-trading capabilities.
The financial crisis and resulting economic upheaval have made for uncomfortable trading conditions in the last decade. But moving into 2012, the theme of growth becomes more common across both life and general insurance sectors in the United Kingdom.
In a new report, Insurance in the United Kingdom 2012: The CIO Perspective, Celent looks at the technology plans and priorities for British insurers. This year sees a sector looking to grow, and also planning to address operational efficiencies.
“To support agendas of both growth and improved operational efficiency, insurers continue to make legacy systems replacement a priority,” says Catherine Stagg-Macey, Senior Vice President with Celent’s Insurance group and author of the report. “The UK market shows real momentum here, with half of the top 20 insurers having made their decision to replace. The next three to five years will see considerable IT investment in executing these decisions.”
This report reviews in detail the current business trends facing the market for 2012, and how this is impacting IT investment. Key business themes are identified, and the broad IT investment plans and priorities for UK insurers are reviewed. Details of budgets and IT spending, areas of IT investment, and interest in new and emerging technologies are also addressed in this report.
Trends and data discussed this report reflect Celent’s experience of the market based on ongoing discussions with the industry and, specifically, deep interviews with 19 CIOs at the end of 2011 and beginning of 2012.