Insurance IT Budgets 2009 – Strategic Planning vs Tactical Gains

The Insurance Industry, as with all other industries, are under pressure to reprioritise their business plans and initiatives as a result of the current economic climate (see previous post). They are reassessing thier positions and evaluating where and when to invest in new IT initiatives and equally importantly, where to cut back.  

Reading a recent article it became clear that various insurance companies have opposing views to what the future holds and how they will be moving forward in the short to medium term.

As far as the insurance industry is concerned, there was no such thing as a finalized IT budget for 2009. Most CIOs had their budgets in hand in January, but none knew just how far the economy would fall, how their organizations would fare or how technology spending would be affected as a result.

But while the overall economic picture remains in flux, insurers’ IT budgets seem to be falling into two key categories: those with a view toward the future and the strategic deployment of technology, and those that are taking a more tactical approach to technology in an effort to realize short-terms goals and ride out the recession.

Survey – Top 10 Insurance Industry Issues for 2009

Pegasystems recently released survey results for the top 10 issues in the Insurance Industry. A similar Banking Industry survey can be found here.

 

Pegasystems conducted a survey of insurance industry leaders and asked them to share their views on the “Top Ten Issues in Insurance” for 2009. The goal of the survey is to provide insight into the business challenges these leaders forecast and are working to address in 2009.

Survey participants were asked to rank how important these issues were to their 2009 business objectives. The survey respondents covered a broad range business and technical professionals from all lines of business within the insurance industry.