North American life insurance CIOs concentrating on digital acceleration and growth in 2021
For as long as I have been at Celent, we have written an annual report on the pressures and priorities that CIOs face. This year’s Life Insurance CIO Pressures and Priorities 2021: North American Edition(view report sample) summarizes the responses of life insurers who answered a December 2020 online survey. While the survey was reasonably short, it covered a broad range of topics, including but not limited to business priorities, IT spending budgets and plans, investment priorities, cloud use, insurtech use, innovation, and cyber security.
This year’s CIO respondents are focusing on growing their client base and retaining customers. However, there are new areas of focus that have significant implications for business priorities in 2021, including digital acceleration. Nearly half of the CIOs had adjusted their roadmap in 2020 to accelerate digital initiatives.
2020 was a disruptive year in insurance and the pandemic forced insurers to reprioritize planned initiatives. The pandemic called for a new and acute focus on such things as supporting a virtual work environment and key elements like collaboration, customer/agent communication, and digital distribution. We know the crisis is not over and its impact will likely be felt long after 2021 as we believe it will continue to be a catalyst for digital acceleration and spending growth. For more data on what North American life insurers have planned for 2021 see our report!