Synopsis
This report presents the findings from a survey of 118 insurers regarding their approach to Information & Communications Technology (ICT) procurement. The survey investigates the way that insurers like to purchase technology, as well as the major IT and business objectives influencing their IT investment strategies.
Scope
Provides insights into insurers’ preferred buying approaches.
Comprehend the business objectives that insurers’ are looking to achieve through their IT investment strategy.
Appreciate the IT objectives that insurers are looking to achieve through their IT investment strategy.
Understand the factors that are influencing insurers’ decision to select an ICT provider.
Understand which organisational roles influence ICT purchasing decisions and signing off budgets.
Summary
Why was the report written?
To highlight the criteria on which insurers select their ICT providers as well as the roles which have influence while making ICT purchasing decisions.
What is the current market landscape and what is changing?
Hosted deployments are expected to gain traction amongst insurers, although at a slow pace.
What are the key drivers behind recent market changes?
The demand for hosted deployments is expected to rise in the coming months, owing to the benefits of cost reductions and ease of management.
What makes this report unique and essential to read?
Kable Market Research Market Research has invested significant resources in order to interview CIOs and IT managers about their IT Procurement. Very few IT analyst houses will have interviewed 110+ ICT decision makers in the insurance industry in H2 2012.
Reasons To Buy
Kable Market Research’s survey shows that insurers have been rather slow to adopt the hosted model, due to security concerns and strict regulatory norms.
Insurers are assigning utmost importance to the business objectives of raising efficiency, giving this objective the highest average rating of X on a scale of 1 to 4.
Insurers are focusing on the alignment of IT with their business goals as they view IT as an essential mechanism to enhance their business operations.
Financial stability as a selection factor holds considerable importance as it ensures a vendor’s availability to provide timely support and maintenance services relating to insurers’ solutions in the future.
According to the survey, 59% of insurers state that their ICT infrastructure is either somewhat complex or very complex.
Table of Contents
1 Enterprise ICT investment trends
1.1 Introduction
1.2 Survey demographics
1.3 ICT budget changes
1.4 ICT investment priorities
2 ICT procurement trends
2.1 Introduction
2.2 Purchasing channels
2.3 Business objectives influencing IT investment strategy
2.4 IT objectives influencing IT investment strategy
2.5 ICT provider selection
2.6 Influencers
2.7 ICT infrastructure environment complexity
3 Summary
3.1 Hosted deployments are expected to gain traction amongst insurers, although at a slow pace
4 Appendix
4.1 Definitions
4.2 Further reading
4.3 Contact the authors
List Of Tables
Table 1: Insurance – enterprise ICT survey geographic breakdown
Table 2: Insurance – enterprise ICT survey breakdown by size band (number of employees)
Table 3: Recent and expected ICT budget changes among insurers
Table 4: Current and future investment priorities of insurers across core technologies
Table 5: Insurers’ preferred approach to buying technologies
Table 6: Business objectives which influence insurers’ IT investment strategy
Table 7: IT objectives which influence insurers’ IT investment strategy
Table 8: Factors influencing insurers’ decision to choose an ICT provider
Table 9: Influence of organizational roles in making ICT purchasing decisions and signing off budgets
Table 10: Complexity of the ICT infrastructure within insurers
List Of Figures
Figure 1: Insurance – enterprise ICT survey geographic breakdown
Figure 2: Insurance – enterprise ICT survey breakdown by size band (number of employees)
Figure 3: Recent and expected ICT budget changes among insurers
Figure 4: Current and future investment priorities of insurers across core technologies
Figure 5: Insurers’ preferred approach to buying technologies
Figure 6: Business objectives which influence insurers’ IT investment strategy
Figure 7: IT objectives which influence insurers’ IT investment strategy
Figure 8: Factors influencing insurers’ decision to choose an ICT provider
Figure 9: Influence of organizational roles in making ICT purchasing decisions and signing off budgets
Figure 10: Complexity of the ICT infrastructure within insurers
