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Insurers' IT Buying Behaviors


Authors:

Deborah M. Smallwood, Founder & CEO

Mary Ann Garwood, Partner

Publication Date: January 25, 2010

Number of Pages: 24

Price: $1,495.00 USD

Part of the SMA Insurance Ecosystem Research Series, this landmark report profiles the IT buying behaviors of North American property and casualty insurance companies. The report presents valuable insight on how and where IT investment decisions are made and looks at critical factors that shape those decisions. Included in the report are detailed findings and analysis by insurer tiers, lines of business, company structures, IT characteristics, and spending projections.

The research data for this report is based on data gathered from three distinct sources: surveys (96 insurance company participants), interviews with market leaders, and secondary research as well as experience-based industry knowledge.  The data collected aligns to the business mix of personal and commercial lines found in the industry; is a representative mix of global, national, and regional companies and evenly represents insurer tiers. 

 A variety of organizations will find useful information in this report:

  • For insurers, self-reflection on the profile and characteristics of their organization in light of industry buying behaviors will bring clarity and help them optimize IT solution provider selection and investments.
  • For IT solution providers, findings and conclusions contained in this report provide key information for better understanding the wants and needs of the property and casualty insurance marketplace. For those who are industry veterans, the insights presented yield critical acumen for shaping marketing plans and messages and sharpening sale focus. For those who are entering the insurance market, the report outlines key criteria for evaluation and consideration and gives guidance for setting strategies, defining objectives, and honing entry plans.

The SMA Marketing Framework provides a useful model for ensuring that marketing and sales efforts are targeted to and satisfy insurance customers' needs, and it affords proven competitive advantages to understanding insurance customers and how they make decisions. For industry watchers, including analysts, venture capitalists, and executives evaluating partnerships and acquisitions, the report contains data and analysis suitable for most business case and evaluation endeavors.

 

 

Table of Contents

  • Executive Summary 1
  • Catching the Wave 2
  • About the Research 4
  • Insurers' IT Buying Behaviors 5
  • Strategy Meets Action 18
  • SMA Marketing Framework 21
  • Research Methodology and Objectivity 24