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.

    27% 26%

    60% 40%

    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?

    28% Modernization

    of core technology

    27% Innovative new products and

    services15%

    Increased competition

    3rd1st 2nd

    40% 38% 22%

    Expect an increase this year

    Expect it to remain the same this year

    Expect a decrease this year68% 1%31%

    52%

    25%

    13%

    would increase outsourcing of IT services

    would increase outsource back-office services

  • Question 10: Who will be your biggest competition in 2014?

    59% Technology

    36% Big Data Analytics

    59% Invest in

    established IT infrastructure

    27% Technology and Mobility

    26% Big Data Analytics

    48% Strategic

    sourcing of talent

    27% Regulations

    30% Mobile

    applications

    37% Employees

    gain certification

    (ACORD)

    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?

    3rd

    3rd

    3rd

    1st

    1st

    1st

    2nd

    3rd

    1st

    2nd

    2nd

    2ndTalent acquisition

    Product and services development

    Outsourcing to a third party

    Engaging customers in new ways

    Core applications development

    49% Local insurance

    companies

    12% Other

    9% Foreign-backed

    insurance companies

    30% Non-conventional

    sources (i.e. agencies; insurance marketing

    teams; Google; banks)

    27%24%29%

    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

    11% 89%