Insurance Industry Findings
The Harvey Nash/KPMG CIO Survey is the largest IT leadership study in the world, with almost 4,000 respondents across 84 countries, representing over US$300bn of IT budget spend.
This Insurance industry snapshot provides survey responses from 200 IT leaders on some of the key topics, and highlights several areas where this industry’s responses differed significantly from those across all industries.
The key topics include digital strategy, budget and priotities, customer capabilities and Technology and Innovation. Explore the full findings in this Insurance key sector report.
Insurers everywhere are laser-focused on the customer. Yet few seem to feel they are very effective at using their new technologies to enhance the customer experience. This suggests that some digital technology investments may not be fully aligned to the needs of the customer. Insurers will need to take an ‘outside-in’ view to understand the voice of the customer and re-examine their end-to-end processes if they hope to maximize the value of their technology investments.
With half of the CIOs in this survey saying they expect their budgets to either decline or remain the same over the next year, we expect to see continued pressure on IT run budgets (as the business continues to seek efficiencies) and development budgets (as business cases come under greater scrutiny). At the same time, however, we expect investment into digital capabilities to rise and, in some markets, for regulatory drives such as IFRS17 to catalyze some new IT investment.
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