THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS .THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS
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THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS REPORT
Xchanging conducted an industry survey on site at the May 2014 Acord Loma Forum in Orlando, FL that gathered data on insurance technology and spending trends. The following data is based on responses from 75 practitioners.
of survey respondents were in Executive, CEO, EVP/ SVP roles
of survey respondents were in Director, Project Mngt, Data Mgr roles
would increase outsourced policy and claims admin
Life/Annuity Property & Casualty Other
Question 1: What is your job function? Question 3: What are the top challenges facing your business in 2014?
Question 4: Do you expect your companys IT budget to increase, decrease or remain the same?
Question 5: Do you expect your companys level of business process outsourcing engagement to increase in 2014?
Question 6: If so, in what areas will your companys level of business process outsourcing engagement increase in 2014?
Question 2: What segment of the insurance sector are you involved in?
of core technology
27% Innovative new products and
40% 38% 22%
Expect an increase this year
Expect it to remain the same this year
Expect a decrease this year68% 1%31%
would increase outsourcing of IT services
would increase outsource back-office services
Question 10: Who will be your biggest competition in 2014?
36% Big Data Analytics
59% Invest in
established IT infrastructure
27% Technology and Mobility
26% Big Data Analytics
sourcing of talent
Question 7: What is your biggest priority from a resource standpoint?
Question 11: Where do you see your biggest opportunities in 2014?
Question 12: What are the top three most important goals to your company in 2014?
Question 13: What claims technologies does your company value most in 2014?
Question 14: Has your company experienced a decline in the use of brokers over the past year?
Question 8: In terms of priority, rank the following technologies you think your firm will increase investment in 2014.
Question 9: What practices or services do you think could benefit your company either in terms of efficiency, cost savings or overall competitiveness?
Product and services development
Outsourcing to a third party
Engaging customers in new ways
Core applications development
49% Local insurance
sources (i.e. agencies; insurance marketing
teams; Google; banks)
chose increase market share as the most important business goal
chose improve speed to market for offerings as the 2nd most important
42% Predictive modeling/analytics
25% Big data
chose reach customers in new ways and through multiple platforms as 3rd most important