Enterprising Developments

The IT-Savvy 10%

Joe McKendrick
Insurance Experts' Forum, August 27, 2014

Are today's corporate IT infrastructures ready to handle all the demands that are about to be placed upon them? If the results of a new survey by the IBM Institute for Business Value are any indication, the answer is an emphatic “no.”

The survey of 750 business and IT executives finds that fewer than 10 percent indicate that their IT infrastructure is fully prepared to meet the demands of new capabilities.” Included here are the integration of cloud technology, mobile devices, social media and business analytics.

Conversely, the study also finds that the 10 percent of the respondents that have invested more extensively in their infrastructures exhibit greater preparedness in the areas of cloud (52 versus 10 percent of their IT-siloed counterparts), mobility (50 versus 34 percent), social and collaborative tools (36 versus 28 percent), and analytics and big data (44 versus 39 percent).

For the complete results of the IBM study click here.

The report quotes one insurance industry CIO, whose organization is in the forefront of efforts to embrace transformative IT: “We have to deal with many challenges such as growth and retention, risk and compliance, and efficiency and expense control,” he says. “Our IT infrastructure helps us to deal with these issues with the help of mobile and social media, big data and cloud computing.”

According to the report, companies that are ahead of the game in IT transformation have the following characteristics:

  • They establish a well-defined enterprise IT infrastructure strategy and roadmap.
  • Their IT organizations  collaborate effectively with the rest of the business to provide IT infrastructure solutions to support business needs (such as improving one-to-one customer engagement).
  • They use the IT function toa broker technology services for the rest of the organization. For example, the IT group might provide expertise to various business units for procuring software-as-a-service and other cloud-based services .
  • They support cross-functional teams of infrastructure domain experts to identify, source and implement IT infrastructure solutions

They collect, analyze and document performance measures.

 

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Insurance Networking News, please use the form below to login. When completed you will immeditely be directed to post a comment.

Forgot your password?

Not Registered?

You must be registered to post a comment. Click here to register.

Blog Archive

It’s Okay to Take a Breather from the Technology Maelstrom

Even in technology, good things may take time.

Customers for Life

Insurers once had a monopoly on lifetime customers, but technology has changed the game.

Smarter Tablet Use Could Transform Insurance

By reducing administrative tasks and automating paperwork, tablets can increase agents’ selling time and help them respond to customers in seconds, not hours.

Insurance Wake-Up Call: Embrace the Shared Economy Opportunities

SMA believes that insurers must embrace a "shared economy," crowdsourcing and open innovation to get ahead in the new marketplace.

The Lion and the Mouse: Start-ups Pitch to Top Insurer

Insurers should be on the lookout for innovative partnership arrangements that produce unique and valuable solutions.

Silicon Valley Ventures

A trip to area hotbed of technological innovation calls into question the potential viability of insurers' legacy systems, operations and processes.