Insurance in the United Kingdom: The CIO Perspective
IT spending in the United Kingdom declined slightly against the backdrop of another year of difficult trading. Celent predicts flat IT budgets for the next two to three years.
In the report Insurance in the United Kingdom: The CIO Perspective, Celent reviews UK insurers’ technology plans and priorities. Investments in underwriting and claims capabilities are high on this year’s agenda. Digital-enabling projects –real-time, online, anytime, anywhere, secure and appropriate access to data – are starting to increase as insurers attempt to become more customer-centric, focusing on both sales and service.
“What we are seeing is a continuation of the investment in core systems from recent years,” says Jamie Macgregor, Senior Vice President with Celent’s Insurance Group and coauthor of the report. “At the same time, there are conversations around how the customer experience can be improved.”
This report details current business trends facing the market for the coming year, and how these are impacting IT investment. Key business themes are identified, and the broad IT investment plans and priorities for UK insurers are reviewed. The report also addresses budgets and IT spending. 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 12 CIOs.
This 22-page report contains eight figures and two tables.