ICT Media

ICT budget and staffing trends in Insurance - Enterprise ICT investment plans

  • KAB110139
  • 33 Pages
  • November 2013
  • ICT Media
Synopsis
This report presents the findings from a survey of 118 insurers regarding their Information & Communications Technology (ICT) budgets and staff allocation. The survey investigates how insurers currently allocate their ICT budgets across the core areas of enterprise ICT spend, namely hardware, software, IT services, communications and consulting.
Scope
Understand how ICT budgets are set to change in 2013 in terms of their overall size.

Appreciate how budgets are allocated across the core elements of ICT spend, including hardware, software, services, communications and consulting.

Learn how ICT money is being spent in areas such as the data centre, applications, IT management and the network.

Establish how IT staff are typically allocated within insurers.

Gain insight into with whom insurers plan to spend their ICT money.
Summary
Why was the report written?
In order to provide a depth of insight into ICT vendors and service providers potential customers .

What is the current market landscape and what is changing?
Kables survey indicates that insurers are planning to increase their ICT spending in 2013 compared to 2012, with ICT investments being increasingly channelled to enterprise applications, mobility, and business analytics.

What are the key drivers behind recent market changes?
Insurers are investing in enterprise applications, mobility, and business analytics to respond to the changing business environment, improve customer service levels, and capitalise on revenue generating opportunities.

What makes this report unique and essential to read?
Kable Global ICT Intelligence has invested significant resources in order to interview CIOs and IT managers about their IT Budgets. Very few IT analyst houses will have interviewed 110+ ICT decision makers in the insurance sector in H2 2012.
ReasonsToBuy
Insurers are also planning to increase their ICT budget allocations for software, primarily driven by the need to implement enterprise applications such as customer relationship management (CRM) in the wake of increasing competition across the sector.

Kables survey highlights that insurers are allocating the highest portion of their ICT budgets to their data centres in both 2012 and 2013. Focus on adopting robust disaster recovery plans is encouraging them to invest in data centres.

Spending with technology product vendors is expected to increase as insurers look to upgrade existing systems and adopt advanced technologies to improve competitiveness amidst increasing customer expectations.

Kables survey indicates that the largest proportion of total IT staff is employed on applications, to address any issues which may affect the smooth running of insurers business critical software.

In an effort to minimise costs and reduce the hassle of managing applications, insurers are slowly shifting their focus to software as a service (SaaS), allocating 22% of their software budgets on average to this category.
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