Insurance CEOs are placing a direct focus on tackling the journey to digital. The emerging technologies that will significantly impact insurance industries in the next 5 years.
Technology has pervaded into every element of the insurance business. 'IT' can no longer be considered as a support function, managed as a central organisation by the traditional CIO. The next five years will see IT functions dissolve fully into a re-imagined business structure. Insurer's technology operating models are beginning to embrace this move from centralised 'traditional functions', to 'technology capability' oriented models and eventually on to truly 'federated' models where technology is a core part of each business function, governed as a corporate asset.
But how does a global insurer undertake this transformation journey, whilst also responding to planned and unplanned events – such as M&A, regulation and simply 'keeping the lights on'?
Our 2018 CIO Insurance survey suggests that technology leaders are increasingly trying to achieve step change towards becoming the insight driven digital insurer, with 70 percent of respondents agreeing that the role of the CIO will significantly change as technology becomes more strategic in their organisations.
Alongside this, 65 percent agree that skills shortage prevents them from keeping up with the pace of change and over 50 percent indicating skills shortage in big data, analytics, AI, enterprise and technical architecture and DevOps.
In short, global insurers are all wrestling with embracing emerging technologies, adopting new ways of working, being truly customer centric – whilst staying in business. The majority of them assessing their own capability as moderately or less effective in:
This report describes the key challenges we see insurers experiencing as part of executing their technology strategies.
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