2017 Insurance Technology Priorities and Spending

An SMA Research Report


Author(s):
Deborah M. Smallwood, Senior Partner
Karen Furtado, Partner
Mark A. Breading, Senior Partner
Karen Pauli, Principal
Publication Date:
February 9, 2017
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.

2017 Insurance Technology Priorities and Spending is based on a survey of 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 2017 and the following three years. 

 20170209 IT Spending

 

 

Table of Contents

  • Executive Summary 3
  • Rethinking Transformation 4
  • Key Business Drivers for Investment 5
  • IT Spending Plans Through 2020 6
  • IT Budget Trends
  • IT Investment by Business Capability Area
  • IT Project Priorities for 2017 8
  • Business Application Project Priorities
  • - P&C Personal Lines Business Applications
  • - P&C Commercial Lines Business Applications
  • - L&A Business Applications
  • Technology and Tools Project Priorities
  • - P&C Personal Lines Technology and Tools
  • - P&C Commercial Lines Technology and Tools
  • - L&A Technology and Tools
  • SMA Call to Action 13
  • About Strategy Meets Action 14