10 Trends in Insurance for 2012

1. Actuaries are embracing faster and more efficient asset liability management models and analyses to help improve risk management.

2. Insurers are streamlining and enhancing core administration processes with new software solutions that use business rules to create new policy type products that get to market faster.

3. Health care payers are preparing for the uncertainties of health care reform by investing in analytical and workflow tools to help increase claims processing efficiencies.

4. Regulations are placing greater emphasis on governance, risk transparency and compliance, causing insurers to increase their investment in enterprise risk management frameworks.

5. Expected increases in regulatory reporting requirements means insurers will need to better interconnect financial data, measure contributors to performance, and generate real-time investment and accounting information.

6. Insurers are using business intelligence to leverage "big data" to help them estimate claims, assets, credit and market data, and gain deeper insights across networks of producers, policyholders and operations.

7. Consumerization of technology is driving insurers to enhance product and service delivery by streamlining the back office and providing ubiquitous access to information through Web, voice and mobile channels.

8. Cost constraints, competitive pressures and time-to-market requirements are driving more carriers to embrace cloud technology to help reduce total cost of ownership and accelerate the delivery of new products and services.

9. Regulatory reform is driving insurers to consolidate information from multiple functional and business lines in order to increase transparency around business workflows and improve auditability across the enterprise.

10. The effects of global regulations, such as SOX, GLB and Solvency II, are driving multi-national carriers to increase their focus on controlling systemic liability risks and improving transparency by consolidating data from many lines of business and ramping up analytics.