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ICT Procurement trends in Insurance - Enterprise ICT investment plans - New Market Report


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2013-12-09 10:39:10 - New Software research report from Strategic Defence Intelligence is now available from Fast Market Research

Product Synopsis
This report presents the findings from a survey of 118 insurers regarding their approach to Information and Communications Technology (ICT) procurement. The survey investigates the way that insurers like to purchase technology, as well as the major IT and business objectives influencing their IT investment strategies.

Introduction and Landscape
Why was the report written?
To highlight the criteria on which insurers select their ICT providers as well as the roles which have influence while making ICT purchasing decisions.

What is the current market landscape and what is changing?
Hosted deployments are expected to gain traction amongst insurers, although at a slow pace.

What are the key drivers behind recent market changes?
The demand for hosted deployments is expected to rise in the coming months, owing

to the benefits of cost reductions and ease of management.

Full Report Details at
- www.fastmr.com/prod/753303_ict_procurement_trends_in_insurance_e ..

What makes this report unique and essential to read?
Kable Global ICT Intelligence has invested significant resources in order to interview CIOs and IT managers about their IT Procurement. Very few IT analyst houses will have interviewed 110+ ICT decision makers in the insurance industry in H2 2012.

Key Features and Benefits
Provides insights into insurers' preferred buying approaches.

Comprehend the business objectives that insurers' are looking to achieve through their IT investment strategy.

Appreciate the IT objectives that insurers are looking to achieve through their IT investment strategy.

Understand the factors that are influencing insurers' decision to select an ICT provider.

Understand which organisational roles influence ICT purchasing decisions and signing off budgets.

Key Market Issues
Kable's survey shows that insurers have been rather slow to adopt the hosted model, due to security concerns and strict regulatory norms.

Insurers are assigning utmost importance to the business objectives of raising efficiency, giving this objective the highest average rating of X on a scale of 1 to 4.

Insurers are focusing on the alignment of IT with their business goals as they view IT as an essential mechanism to enhance their business operations.

Financial stability as a selection factor holds considerable importance as it ensures a vendor's availability to provide timely support and maintenance services relating to insurers' solutions in the future.

According to the survey, 59% of insurers state that their ICT infrastructure is either somewhat complex or very complex.

Key Highlights
According to Kable's survey, a significant proportion of insurers prefer to procure technologies direct from suppliers, followed by through local resellers and national resellers.

Amidst new and ongoing social networking trends, poor customer reviews can significantly hamper insurers' reputation and their profitability. Therefore, insurers are assigning utmost importance to the business objectives of increasing customer satisfaction, with the highest average rating of X on a scale of 1 to 4.

The survey shows that the IT objectives of demonstrate the value of IT to the business is the most important factor influencing IT investment strategy amongst insurers, with average ratings of X on a scale of 1 to 4.

Kable's survey finds that insurers are assigning their equal and highest average rating (X on a scale of 1 to 4), to the selection factors of leading-edge technology, expertise in the insurance industry, and price.

Insurers rate the CIO/IT department as the most influential authority when making ICT purchasing decisions, with the highest average rating of X on a scale of 1 to 4.

About Strategic Defence Intelligence

Strategic Defence Intelligence provides a stream of continuously updated customer and competitor intelligence, as well as detailed research reports providing an unrivalled source of global information on the latest developments in the defence industry. View more research from Strategic Defence Intelligence at www.fastmr.com/catalog/publishers.aspx?pubid=1040

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at www.fastmr.com or call us at 1.800.844.8156.


Author:
Bill Thompson
e-mail
Web: www.fastmr.com
Phone: 18008448156

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