THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS ?· THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS…

Download THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS ?· THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS…

Post on 20-Sep-2018

216 views

Category:

Documents

2 download

Embed Size (px)

TRANSCRIPT

<ul><li><p>THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS REPORT</p><p>Xchanging conducted an industry survey on site at the May 2014 Acord Loma Forum in Orlando, FL that gathered data on insurance technology and spending trends. The following data is based on responses from 75 practitioners.</p><p>27% 26% </p><p>60% 40%</p><p>of survey respondents were in Executive, CEO, EVP/ SVP roles</p><p>of survey respondents were in Director, Project Mngt, Data Mgr roles</p><p>would increase outsourced policy and claims admin</p><p>Life/Annuity Property &amp; Casualty Other </p><p>Question 1: What is your job function? Question 3: What are the top challenges facing your business in 2014?</p><p>Question 4: Do you expect your companys IT budget to increase, decrease or remain the same?</p><p>Question 5: Do you expect your companys level of business process outsourcing engagement to increase in 2014?</p><p>Question 6: If so, in what areas will your companys level of business process outsourcing engagement increase in 2014?</p><p>Question 2: What segment of the insurance sector are you involved in?</p><p>28% Modernization </p><p>of core technology</p><p>27% Innovative new products and </p><p>services15% </p><p> Increased competition</p><p>3rd1st 2nd</p><p>40% 38% 22% </p><p>Expect an increase this year</p><p>Expect it to remain the same this year</p><p>Expect a decrease this year68% 1%31%</p><p>52%</p><p>25%</p><p>13%</p><p>would increase outsourcing of IT services</p><p>would increase outsource back-office services</p></li><li><p>Question 10: Who will be your biggest competition in 2014?</p><p>59% Technology</p><p>36% Big Data Analytics</p><p>59% Invest in </p><p>established IT infrastructure</p><p>27% Technology and Mobility</p><p>26% Big Data Analytics</p><p>48% Strategic </p><p>sourcing of talent</p><p>27% Regulations</p><p>30% Mobile </p><p>applications</p><p>37% Employees </p><p>gain certification </p><p>(ACORD)</p><p>Question 7: What is your biggest priority from a resource standpoint? </p><p>Question 11: Where do you see your biggest opportunities in 2014?</p><p>Question 12: What are the top three most important goals to your company in 2014?</p><p>Question 13: What claims technologies does your company value most in 2014?</p><p>Question 14: Has your company experienced a decline in the use of brokers over the past year?</p><p>Question 8: In terms of priority, rank the following technologies you think your firm will increase investment in 2014.</p><p>Question 9: What practices or services do you think could benefit your company either in terms of efficiency, cost savings or overall competitiveness?</p><p>3rd</p><p>3rd</p><p>3rd</p><p>1st</p><p>1st</p><p>1st</p><p>2nd</p><p>3rd</p><p>1st</p><p>2nd</p><p>2nd</p><p>2ndTalent acquisition</p><p>Product and services development</p><p>Outsourcing to a third party</p><p>Engaging customers in new ways</p><p>Core applications development</p><p>49% Local insurance </p><p>companies</p><p>12% Other</p><p>9% Foreign-backed </p><p>insurance companies</p><p>30% Non-conventional </p><p>sources (i.e. agencies; insurance marketing </p><p>teams; Google; banks)</p><p>27%24%29%</p><p>chose increase market share as the most important business goal</p><p>chose improve speed to market for offerings as the 2nd most important</p><p>42% Predictive modeling/analytics</p><p>25% Big data</p><p>chose reach customers in new ways and through multiple platforms as 3rd most important</p><p>11% 89%</p></li></ul>

Recommended

View more >