UK Insurance 2010: The CIO Perspective
Insurers in the United Kingdom are focused on growth in 2010, and need to become more agile to achieve this.
Last year was undoubtedly a bleak year for UK PLC, and insurers did not go unscathed. Predicting the UK’s position in the cycle of the recession is difficult, but insurers show remarkable optimism for 2010. In a new report, UK Insurance 2010: The CIO Perspective, Celent looks at the technology plans and priorities for UK insurers. Hard decisions have been made, including cutting budgets and letting go of staff. But this year will see a renewed and invigorated sector, with the predominant goal of growing the business.
"If there is a single lesson for insurers from 2009, it’s the importance of an agile and flexible IT operation,” says Catherine Stagg-Macey, Senior Analyst with Celent's Insurance group and author of the report. “This has to be in place to support a rapid response to unpredictable operating conditions, so it’s not surprising to see continued planned investment around core systems, specifically underwriting, policy administration, and claims."
This report reviews in detail the current business trends facing the market for 2010 and how they are impacting IT investment. Five key business themes are identified, and the broad IT investment plans and priorities for UK insurers are reviewed. Details of budgets, use of outsourcing, impact of the recession, and IT investment hotspots are also addressed in this report.
Trends and data discussed in this report reflect Celent’s experience of the market based on ongoing discussions with the industry and, specifically, deep interviews with 16 CIOs at the end of 2009 and beginning of 2010.