Top 9 Insurance IT Priorities for 2017
In its annual insurance IT outlook, Novarica says that insurers have an opportunity to capitalize on technology advancements to further their business. Following are some of the priorities that survey respondents indicated were among the top three on their to-do list for next year:
Approximately half of P&C insurers told Novarica that their top IT priority was core system replacement or upgrade. All P&C insurers had it in their top three.
This category encompassing agent ease of doing business, customer self-service, electronic applications, and other digital projects was in the top three for about half of respondents.
About 15% of insurers had this in their top three, specifically for projects like data center transformation or reducing portfolio complexity. Large life and annuity carriers were more likely to be looking into it.
This category encompasses technology roadmaps, increasing delivery capabilities, or implementing Agile. About half had it in their top three.
About one in five insurers had data security as a top three priority.
According to Novarica, several respondents cited issues related to rolling out new products or product features, like usage-based insurance.
While not a top priority yet, insurers are on the march for the digital and data talent to power their next-gen initiatives.
Most insurers ranked this as a low priority, citing a desire to focus more on capabilities than cost control as insurance enters a digital age.
Life insurers cited compliance as a priority, mostly related to the pending Department of Labor fiduciary rule.