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An SMA Research Report


Authors:

Deborah M. Smallwood, Founder & CEO

Karen Furtado, Partner

Monique Hesseling, Partner

Mark A. Breading, Partner

Publication Date: February 18, 2016

Number of Pages: 14

Price: $995.00 USD

This report, part of SMA’s annual Insurance Ecosystem Research Series, reflects the state of the industry technology investments, the business drivers, and the ongoing plans for specific projects for property/casualty (personal and commercial lines) and life/annuity insurers.

2016 Insurance Technology Spending and Priorities is based on a survey of 116 North American insurance business and technology executives and our ongoing observations from SMA’s advisory and consulting engagements with insurers.

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. 

Figure 1 shows insurers’ IT budget plans for 2016 and the following three years. 

 

 20160218 ITSpend

Table of Contents

  • Executive Summary 3
  • Transformation Accelerates 4
  • Key Business Drivers for Investment 5
  • IT Spending Plans for 2016 and Beyond 6
  • IT Budget Trends
  • IT Investment by Business Capability Area
  • IT Project Priorities for 2016 8
  • Business Application Project Priorities
  • Technology and Tools Project Priorities
  • Strategic Investments for 2016 12
  • SMA Call to Action 13
  • SMA Recommendations for Insurers
  • SMA Recommendations for IT Solution Providers
  • About Strategy Meets Action 14