ICT Media

ICT Procurement trends in Insurance - Enterprise ICT investment plans

  • KAB110130
  • 26 Pages
  • November 2013
  • ICT Media
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 Global ICT Intelligence 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.
ReasonsToBuy
Kables 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 vendors 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.
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