North American Property/Casualty 2022 CIO Pressures and Priorities
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29 January 2022
Annual CIO Survey Results
- As insurers looked forward to 2022 (aka Year 3 of living with COVID-19), there continued to be many signs of resilience.
- Enabling growth remained a top corporate priority for CIOs.
- Insurers planned significant enhancements in 2022 for their core systems, customer experience, and data/analytics solutions.
- An encouraging 30% to 40% of IT resources were allocated to implementing new systems and to transformation and innovation.
- Preference for cloud deployments, innovation as a key criterion for IT investments, and selective use of insurtech were all significant trends.
- Lastly, no insurer can, or will, ignore the continuing cybersecurity threats.
This chart shows that CIOs in large, midsize and small insurers are allocating a significant portion of their IT resources towards new systems, transformation and innovation.