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Business Trends: Global Insurance Technology Trends, 2009 (Customer Focus)
Technology Decisionmakers Pane
Published: June 2009
Pages: 62
Tables: For full details, please email keithw@cmsinfo.com
From: GBP 2121.88 Buy Now!
Research from: Datamonitor
Sector: Financial Services
Introduction
This report is the result of Datamonitor's annual global survey of 200 decision makers within insurance companies.
Scope
*In-depth interviews with 200 insurance companies.
*Geographic scope covers Asia Pacific, Europe and North America 17 countries in total.
*Life, non-life and multi-line carriers are represented.
*Respondents included IT decision-makers such as CIOs and CTOs.
Highlights
In North America and Europe, budget decreases outpaced increases in 2009. This should reverse in 2010, but spending will still be relatively weak. IT budgets in Asia Pacific will be stable from 2009 to 2010.
Internal spend has fallen from previous years. In Datamonitor's 2008 survey, internal spend accounted for 43% and 42% of life and non-life spend, respectively. This year's survey revealed that internal spend fell below 40% at both life and non-life insurers. Specialist outsourcers and technology vendors took a larger share of wallet in 2009.
Overall, application-based outsourcing is more widely deployed than infrastructure-based. BPO is the least utilized sourcing option, even though BPO has gained momentum since the last Datamonitor survey.
Reasons to Purchase
*Validate your marketing messaging and positioning in the insurance industry.
*Compare insurance IT purchasing plans across geographies.
*Identify emerging areas of concern for insurers.
This report is the result of Datamonitor's annual global survey of 200 decision makers within insurance companies.
Scope
*In-depth interviews with 200 insurance companies.
*Geographic scope covers Asia Pacific, Europe and North America 17 countries in total.
*Life, non-life and multi-line carriers are represented.
*Respondents included IT decision-makers such as CIOs and CTOs.
Highlights
In North America and Europe, budget decreases outpaced increases in 2009. This should reverse in 2010, but spending will still be relatively weak. IT budgets in Asia Pacific will be stable from 2009 to 2010.
Internal spend has fallen from previous years. In Datamonitor's 2008 survey, internal spend accounted for 43% and 42% of life and non-life spend, respectively. This year's survey revealed that internal spend fell below 40% at both life and non-life insurers. Specialist outsourcers and technology vendors took a larger share of wallet in 2009.
Overall, application-based outsourcing is more widely deployed than infrastructure-based. BPO is the least utilized sourcing option, even though BPO has gained momentum since the last Datamonitor survey.
Reasons to Purchase
*Validate your marketing messaging and positioning in the insurance industry.
*Compare insurance IT purchasing plans across geographies.
*Identify emerging areas of concern for insurers.