A new report, Insurance CIO/CTO Pressures, Priorities, and Plans in 2008: US Survey Results, is designed to provide information about behaviors, initiatives, challenges, and priorities for 2008 at US insurers. This report is intended to benefit two audiences: it is a valuable benchmarking and strategic planning tool for insurance CIO/CTOs and their staffs; and a source of critical market information for service and solution providers.
A year ago, Celent concluded that the outlook for 2007 was one of continuity rather than rapid change. In some ways, 2008 may be more of a transitional year. Premium growth for the industry appears to be slowing, and IT staffing levels look like they will follow suit. The credit crisis and recession fears facing the general US economy in late 2007 have added a somber note. However, Celent expects 2008 to be a year of continued investment in new applications and solutions. Growth continues to be an imperative—but growth in a soft market can mean growing relative to competitors. IT spending is focused on getting new business in the door.
"At the top of the list of the most important challenges and opportunities facing insurance CIOs and CTOs in 2008 is maintaining growth in a softer and more uncertain market by investing in new business and underwriting solutions and by upgrading other core systems," says Donald Light, senior analyst with Celent and coauthor of the report.
"Right behind is controlling expenses by continuing to migrate to a more modern infrastructure such as SOA," adds Craig Weber, managing director of Celent’s insurance group and coauthor of the report.