2014 Insurance Ecosystem: Insurer Technology Spending, Drivers, and Projects

An SMA Research Report

Author(s):

Deborah M. Smallwood, Senior Partner

Karen Furtado, Partner

Mark A. Breading, Partner

Mary Ann Garwood, Partner

Publication Date:

January 23, 2014

Number of Pages:

13

Price:

$1,495.00 USD

This report, part of SMA’s annual Insurance Ecosystem Research Series, addresses IT spending patterns in the North American property and casualty and life and annuities insurance industry. The report provides an insightful profile of IT investment and looks at technology spending projections for 2014 and beyond. It investigates how insurers are investing in enabling solutions and technologies, and looks at factors that are influencing spending decisions. The report thoroughly examines project priorities and solution methodologies – investigating new approaches and emerging technology areas that will shape the industry in the coming years.

The research data for this report is based on data gathered from 100 insurer survey responses, interviews with market leaders, secondary research, and direct SMA experience in working with our clients. The data collected aligns to the industry’s mix relative to lines of business and company size. There is a good balance of business and technology leadership participation in the survey responses.

For insurers, the data points and insights presented are useful for tracking IT spending against industry trends, examining priorities, and monitoring the pulse of technology investments. For IT solution providers, the data and accompanying observations on insurers’ spending patterns and buying behaviors yield useful information for setting product development roadmaps and refining marketing strategies and priorities. An example of the research data is shown in the figure below.