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Rising margin pressures have compelled insurers to enhance their customer service and devise new strategies to survive in the dynamic insurance market. Insurers are investing in various ICT segments to maintain their foothold in an increasingly challenging business environment. Insurers are using ICT to streamline their operations, achieve agility and quality of services, and increase their overall productivity.
While insurers consider hardware investments to be a vital component of their strategy to improve sales and channel effectiveness, they are also investing in various software solutions to enable growth and effectively support their business operations & risk management.
Insurers are using mobility to transform their working environments, improve their productivity, drive growth, and increase their profits.
Meanwhile, customer channels and marketing systems rule the investment priorities of insurers in 2015.
ICT investment trends in insurance presents the findings from a survey of 112 insurers regarding their Information & Communications Technology (ICT) investment trends. The survey investigates how insurers currently allocate their ICT budgets across the core areas of enterprise ICT expenditure: hardware, software, IT services, communications, and consulting.
The report illustrates the core technologies insurers are investing in, including enterprise applications, mobility, and cloud computing. Understand the approach adopted by insurance companies to purchase technology and get a better insight into ICT vendors and services providers when pitching their solutions to insurers. The report focuses on insurers' ICT expenditure trends for specific business areas, identifying the top three IT projects, and understanding the business challenges faced by insurers.
In particular, it provides an in-depth analysis of the following:
How ICT budgets are set to change in 2015 in terms of their overall size
Allocation across the core elements of IT spend, including hardware, software, services, communications, and consulting
Distribution of ICT money in areas such as the networks, applications, service desk, and data centers
Which ICT functions insurers are interested in outsourcing
Insurers' investment priorities based on their budget allocations across core technology categories such as enterprise applications, mobility, and cloud computing
Factors that are influencing insurers' investments in each technology category
How insurers' IT budgets are currently allocated across various segments within a technology category
Insurers' distribution of their ICT budget across various segments within a technology category
Vendor satisfaction ratings for various core and advanced technology categories
Insight into insurers' preferred buying approaches
Business and IT objectives that insurers are looking to achieve through their IT investment strategies
Factors that are influencing insurers' decisions to select an ICT provider
Reasons To Buy
Understand how the insurers' ICT landscape is set to change in 2015 to prioritize your target market
Comprehend how ICT money are being allocated by insurers in specific geographies and size bands to improve your market penetration
Make effective business decisions by recognizing the opportunities within each of the core areas of ICT spend (hardware, software, IT services, telecommunications, and consulting)
Realign your sales initiatives by understanding the current strategic objectives of insurers
Enhance your market segmentation with the included, detailed breakdown of opportunities within selected technology categories (enterprise applications, mobility, and cloud computing)
Prioritize your focus areas by understanding which factors are influencing insurers' decisions when selecting an ICT provider
Understand the changes in customers' priorities and identify the business and IT objectives that insurers are looking to achieve through their ICT investment strategies
1 Trends in ICT budgets
1.2 Survey demographics
1.3 ICT budget changes
1.4 ICT budget allocation by core technology area
1.4.1 Hardware budget breakdown
1.4.2 Software budget breakdowns
1.4.3 Third party IT services expenditure
1.4.4 Cloud computing budget
1.5 ICT budget allocation by function
1.6 Outsourced IT functions
2 ICT investment priorities and vendor satisfaction
2.1.1 Enterprise applications
2.1.3 Cloud computing
3 ICT procurement trends
3.2 Business objectives and IT objectives influencing IT investment strategy
3.3 ICT provider selection
4 Sector-specific trends
4.2 IT expenditure plans for specific business areas
4.3 Business areas receiving the largest investments
4.4 Upgrades in business area
5.1 Consumerization of IT is driving investments in various ICT domains among insurers
6.2 Further reading
6.3 Contact the authors
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: Insurers' (external) ICT budget allocation, 2014 and 2015
Figure 5: Insurers' average hardware budget allocation
Figure 6: Average allocation of software budgets in insurance
Figure 7: Insurers' average IT services budget allocation
Figure 8: Insurers' average cloud computing budget allocation by technology
Figure 9: Insurers' average cloud computing budget allocation by implementation type
Figure 10: Insurers' ICT budget allocation by function, 2014 and 2015
Figure 11: Outsourced IT functions - insurers' current and future outsourcing priorities
Figure 12: Enterprise applications - insurers' current and future investment priorities
Figure 13: Enterprise applications - selected primary provider and vendor satisfaction among insurers
Figure 14: Mobility - insurers' current and future investment priorities
Figure 15: Mobility - selected primary provider and vendor satisfaction among insurers
Figure 16: Cloud computing - Insurers' current and future investment priorities
Figure 17: Cloud computing - selected primary provider and vendor satisfaction among insurers
Figure 18: Business objectives and IT objectives which influence insurers' IT investment strategy
Figure 19: Factors influencing insurers' decision to choose an ICT provider
Figure 20: IT expenditure plans in 2015 compared to 2014, for specific business areas among insurers
Figure 21: Top three IT projects in 2015 for insurers
Figure 22: Upgrades in the following business areas for insurers
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IT, Budget, Staff, Hardware, Software, Services, Communications, Consulting, Data Centre, Service Desk, End-user computing, Network, Applications, IT Management, development, maintenance, systems integrator, telco, reseller, outsourcer, infrastructure, help desk, support, client, mainframe, server, security, peripherals, storage, semi-conductor, cloud, license, application lifecycle, information management, software infrastructure, integration, SOA, desktop, hosting, disaster recovery, business continuity, convergence, mobile, voice, data. IT, Procurement, Purchasing, Buying, Local resellers, National resellers, Budget, Hosting, Staff, Hardware, Software, Services, Communications, Consulting, Data Centre, Service Desk, End-user computing, Enterprise applications, Business intelligence, Security, Content management, Mobility, IT systems management, Communications & collaboration, Green IT & virtualization, Cloud Computing, Efficiency, Customer satisfaction, SLA, Business goals, Price, Leading-edge technology, Contract flexibility. Enterprise applications, Customer Relationship Management, Enterprise Resource Planning, Financials, Supply Chain Management, HR Management, Product Lifecycle Management, Business Process Management, Interactive marketing automation systems & customer lifecycle management, Business intelligence, Data warehousing, Data marts, Analytics, Real-time Business Intelligence, Social sentiment analysis, Security, Identity & access management, Security & vulnerability management, End-point security & anti-virus, Network security, Content and web filtering, firewalls, Application Security, Backup & archive, Database security, Data Loss Prevention, mobile security, Content management, Document Management, Records Management, Web Content Management, Digital Asset Management, E-mail Archiving, Enterprise Search, Mobility, Mobile device management, mobile applications, Tablet computing, IT systems management, Systems & network management, Storage management, Service management, Database management, Transaction performance management, User experience management, Virtualization, Patch management & configuration, Communications & collaboration, Internet Protocol-Private Branch Exchange, IP-Contact Centre, Unified Communications, VoIP, Presence, Instant messaging, Web conferencing, Video conferencing, Green IT, Data centre, Power management, Cloud Computing, Infrastructure as a Service, Platform as a Service, Software as a Service, Private Cloud, and Hybrid cloud