March 20, 2012 – Singing a new tune compared to past years, insurance CIOs are optimistic about IT’s role in the business. Celent’s latest report, “2012 US Insurance CIO Survey: Pressures, Priorities – and Innovation,” indicates that half of the survey respondents are projecting revenue growth of 4 percent or more and almost all of the others estimated moderate growth of 1 to 3 percent.
Also, the business is asking IT to play a greater role in growth and profitability. The CIOs responding to the research firm’s survey contend that to do so, they are accelerating core system and back-office systems initiatives, namely policy admin and claims systems projects. However, the survey points out, new business/underwriting is becoming more of a focus. “This emphasis reinforces what Celent has heard in other conversations with CIOs and vendors regarding an increasing level of interest in portals, new business and underwriting solutions,” the report states.
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