P&C Insurance in Latin America 2017: The CIO Perspective
Latin American P&C insurers continue in their quest for digital and becoming a source of innovation.
Celent has released a new report titled P&C Insurance in Latin America 2017: The CIO Perspective. The report was written by Juan Mazzini, a Senior Analyst with Celent’s Insurance practice.
Latin American P&C insurers continue in their quest of digital and becoming a source of innovation.
The main business goals driving IT plans of P&C Latin American insurers in 2017 are IT-enabled innovation, process optimization, and growth and retention.
In 2017 activity has been focused on IT projects related to core system replacement or modernization, digital transformation initiatives, and innovation. Average IT spending by Latin American P&C insurers will be 2.7 percent of their direct written premium. Still, there is a group (represented by 23.8 percent of insurers) looking to invest 4 percent or more.
“IT priorities vary from one insurer to another, driven by the current situation, the strategy, and the IT budget they can allocate in a given year,” commented Mazzini. “In some countries, perspectives on the economy or inflation will affect the execution of their strategies.”
“Nevertheless, the survey surfaced trends that are aligned with Celent’s observations and discussions with market stakeholders. Core system replacement, digital transformation projects, and IT-enabled innovation stand out as the top priorities for CIOs,” he added.