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Insurance
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Deep Insights Tailored to Your Industry
1
Business-Aligned IT Strategy
Understand the capabilities and focus areas required to meet your industry’s needs and enable value creation.
2
Top Industry Trends
Identify resource, process, and environmental trends impacting your industry. Implement strategies to mitigate specific risks and take advantage of all relevant opportunities.
3
Industry Benchmarking
Reveal the true state of your IT services, processes, spend, and staffing levels to align your priorities and resources. Benefit from peer data to get a reference point for how well you stack up.
4
Core Industry Technologies & Software Selection
Arm yourself with everything you need to provide the right solutions to meet the needs of your business stakeholders.
1
Business-Aligned IT Strategy
Strategy Alignment
Insurance Industry Impacts on IT Strategy: Senior Management Presentation Template
- Once you’ve completed the IT Strategy Initiatives Workbook, it’s time to pull it all together and share with your organization’s leadership team.
- Use the Insurance Industry Impacts on IT Strategy: Senior Management Presentation Template to highlight the key findings from the business-aligned analysis you’ve done.
Strategy Alignment
Priorities for Adopting an Exponential IT Mindset in the Insurance Industry
- Recognize the urgency of adopting Exponential IT. Your insurance company must start the conversation on how Exponential IT is changing the industry and begin making the significant changes required to adopt it.
- Consider the four priorities of Exponential IT transformation. There are four areas of focus that you must focus on as your insurance company develops its Exponential IT capabilities.
- Build the foundational capabilities and maturity required to begin an effective Exponential IT transformation that will propel your company to the forefront of the insurance industry.
Strategy Alignment
Build an FSI Insurance Business-Aligned IT Strategy
- Establish the scope of your IT strategy by defining IT’s mission and vision statements and guiding principles.
- Perform a retrospective of IT’s performance to recognize the current state while highlighting important strategic elements to address going forward.
- Elicit the business context and identify strategic initiatives that are most important to the organization while building a plan to execute it.
- Evaluate the foundational elements of IT’s operational strategy that will be required to successfully execute key initiatives.
- Wrap all strategic information into a highly visual and compelling presentation that enables easy customization and executive-facing content.
Strategy Alignment
Life and Annuity Insurance Industry Business Reference Architecture
- Demonstrate the value of IT’s role in supporting your insurance business capabilities while highlighting the importance of proper alignment between organizational and IT strategies.
- Apply level 2 business reference architecture techniques such as strategy maps, value streams, and capability maps to design usable and accurate blueprints of your operations.
- Assess your initiatives and priorities to determine if you are investing in the right capabilities. Conduct capability assessments to identify opportunities and to prioritize projects.
Strategy Alignment
Modernize Your Applications for Insurance
- Establish the digital application vision. Gain a grounded understanding of the digital application construct and prioritize these attributes against your digital business goals.
- Define your modernization approach. Obtain a thorough view of your business and technical complexities, risks, and impacts. Employ the right modernization techniques based on your organization’s change tolerance.
- Build your roadmap. Clarify the organizational changes needed to support modernization and adoption of your digital applications. Continuously evaluate the impact of your modernization project to help ensure that you’re staying on track.
Strategy Alignment
Insurance IT Strategy Initiatives Workbook
- With input from our research and analysts and your peers, identify new or updated initiatives for your IT strategy.
- Working with our team, update your IT Strategy Initiatives Workbook.
2
Top Industry Trends
Top Trends
Safeguard Your Data When Deploying AI in Your Insurance Systems
- Determine which insurance-specific risks apply to your organization.
- Use a continuous improvement approach with metrics and a risk-based strategy that aligns with a privacy framework tailored to your organization’s needs.
- Training on AI is essential to help your employees understand the risks that AI can introduce and to influence overall culture.
Top Trends
Insurtech Innovations Buyers Guide
- Technology should become the driving force to meet the needs of business. Collaborating closely with the business to anticipate forthcoming demands and provide viable solution options for executives is essential.
- Partnering with insurtechs and utilizing their data-focused capabilities can greatly benefit traditional insurance companies by enhancing operational efficiency, reducing costs, and increasing productivity.
Top Trends
Generative AI Use Case Library for the Insurance Industry
- You must evolve and mature your core IT capabilities to meet the new demands from the business.
- Align your organizational and AI strategy. CIOs need to understand the growing needs of the business in this new environment.
- Develop your policies after establishing Responsible AI principles.
Top Trends
Insurance Core Systems Modernization
- Technology needs to be the driver in meeting customer expectations. Technology must proactively understand client needs and bring enhancements to business leaders.
- Need the plan to phase out legacy systems. Investment in technology needs to be forward-looking and adapt to market changes and core business needs derived from customer experiences.
Top Trends
The Future of Insurance
- Technology needs to be the driver in meeting customer expectations. Technology must proactively understand client needs and bring enhancements to business leaders.
- Find the right strategy based on requirements. Investment in technology needs to be forward-looking to adapt to market changes and core business needs derived from customer experiences.
Top Trends
Insurance Customer Experience Report
- The explosion of Insurtech-based competition and usage-based policies has created an increasingly crowded market for insurance, making customer experience a key differentiator for consumers.
- Learn about customer experience and how it affects both your organization as a whole and IT specifically, including challenges and opportunities
Top Trends
Insurance Predictive Analytics Report
- Insurance organizations have access to incredible amounts of data from clients, IoT devices, claims, and provider systems.
- The ability to analyze this data effectively and identify fraud, trends, and patterns will provide insight to improve products, properly assess risk, and increase customer satisfaction
- Learn about how predictive analytics affects both your organization and IT specifically, including challenges and opportunities, with expert assistance.
Top Trends
Insurance Automation Report
- Automation and AI have become the driving force of disruption in the Insurance industry and the area where Insurtech and large tech companies have entered the market.
- Learn about how the automation trend affects both your organization and IT specifically, including challenges and opportunities, with expert assistance.
3
Industry Benchmarking
Peer Benchmarking
Benchmarking Report: A Cross-Industry Comparison of IT Stakeholder Satisfaction
- Every industry has unique characteristics that can hamper progress or facilitate success in satisfying IT stakeholders. Reimagine your strategy by shifting the definition of who your peers really are.
- Discover which industries achieve high stakeholder satisfaction across 13 core IT services.
- Learn the characteristics that different industries have that can help or hinder IT success.
- Understand what your industry has in common with others that you can leverage to improve stakeholder satisfaction and overcome your own institutional barriers.
Peer Benchmarking
Insurance IT Management & Governance Benchmarking Report
- Understanding your IT team’s perception of what’s important and how well they’re doing is central to identifying strengths, weaknesses, and potential misalignments with business priorities and expectations.
- Learn about how IT departments in your industry assess the importance and effectiveness of 45 IT processes to gauge your own alignment and identify select processes for targeted improvement.
Peer Benchmarking
Insurance IT Stakeholder Satisfaction Benchmarking Report
- IT leadership needs to understand where their clients are unsatisfied with the quality of service they are receiving from IT.
- Insurance IT struggles with mission-critical services like client-facing technology and analytics. In order to compete, these must be addressed quickly.
- Understand important focus areas to address and insights into how your team compares with other Insurance IT organizations.
Peer Benchmarking
Insurance IT Staffing Benchmarking Report
- Many IT departments are already running lean, struggling to keep pace with never-ending demands from the business. IT staffing is stretched thin.
- With high-than-usual turnover and a lack of new talent with current skill sets coming in the door, IT in Insurance is hard pressed to prepare for new technology and evolving member/donor needs.
- By taking the IT Staffing Diagnostic, you will gain critical information to understand how to position your IT team to be more strategic.
4
Core Industry Technologies & Software Selection
Core Industry Technologies
Select the Right Insurance Policy Administration System for Life and Annuity
- Learn about the trends and deployment models within the policy administration system market.
- Define the organization’s key capabilities through cost and competitive advantages to understand the organization's current state and its PAS requirements, vetted through a value chain analysis.
- Review the vendors' functional criteria. Info-Tech analyzed eight of the dominant players in the PAS market to help you compare their functional capabilities.
Core Industry Technologies
Insurance Data Analytics Report
- Insurance organizations have access to incredible amounts of data from clients, IoT devices, claims, and provider systems.
- The ability to analyze this data effectively and identify fraud, trends, and patterns will provide insight to improve products, properly assess risk, and increase customer satisfaction
- Learn about how predictive analytics affects both your organization and IT specifically, including challenges and opportunities, with expert assistance.
Core Industry Technologies
Insurance Chatbots Report
- Chatbots are a key technology that has become required to improve customer experiences and drive down costs as the entry point for automation.
- Learn about what chatbots provide, the state of the market, key features and functions, and leading vendors in the space.
Core Industry Technologies
Insurance Claims Management Software Report
- For organizations to remain competitive and control costs, especially in the Insurance space, claims automation is critical to speed the claims process, ensure consistent outcomes, and reduce fraud.
- Learn about what claims management software is, the state of the market, key features and functions, and leading vendors in the space.
Latest Insurance Notes
Short, tailored research notes aimed at providing you with timely insights, relevant to your industry. Hot off the press, these notes will be published regularly and pair great with your morning coffee.
Meet the Financial Services and Insurance Executive Services Leadership Team
Date published
November 7, 2023
Authors:
The Financial Services and Insurance (FSI) industries are ever-evolving and undergoing dramatic changes due to market conditions, increased consumer and employee demands, and a rapid need for modernization to remain competitive with both incumbents and digital-first emerging players. Our global FSI team at Info-Tech is the world-renowned provider of choice for premier CIO and executive leadership, research, coaching, and mentoring services dedicated to IT leaders. Our mission is to serve as a trusted strategic advisor to enable FSI IT leaders and increase the value of their organization. Our advice improves the teaching, learning, research, student experience, and community engagement aspects of their organizations through IT best practices and research. We will ensure that our members in the global FSI sector receive exceptional value from their investment in their Info-Tech membership as they build an exponential IT mindset to embrace the changes in the FSI industry.
Observations on OSFI’s "Culture and Behaviour Risk Guideline" (Draft) 2023 from an IT Perspective
Date published
March 15, 2023
Authors:
Culture, in the common view of IT, is largely outlined in the strategy of the organization, expressed in part by the vision, mission, and objectives and described in detail in the principles the organization holds. Behaviors stem from the principles or values.
Benchmarking Reports
Industry-specific benchmarking reports built on years of in-depth industry data, collected using our innovative diagnostic programs. We aggregate the data across hundreds of IT departments in your industry to give you tailored vertical insights, all packaged in professional boardroom-ready reports.
Insurance Reference Architecture
Reference architectures built on years of industry expertise, honed by analysts working with real IT professionals in your industry. Leverage industry best practices so you don’t waste time and money reinventing the wheel.