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Recent Study: ICT budget and staffing trends in Insurance - Enterprise ICT investment plans


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2013-12-09 12:27:57 - Fast Market Research recommends "ICT budget and staffing trends in Insurance - Enterprise ICT investment plans" from Strategic Defence Intelligence, now available

Product Synopsis
This report presents the findings from a survey of 118 insurers regarding their Information and Communications Technology (ICT) budgets and staff allocation. The survey investigates how insurers currently allocate their ICT budgets across the core areas of enterprise ICT spend, namely hardware, software, IT services, communications and consulting.

Introduction and Landscape
Why was the report written?
In order to provide a depth of insight into ICT vendors' and service providers' potential customers .

What is the current market landscape and what is changing?
Kable's survey indicates that insurers are planning to increase their ICT spending in 2013 compared to 2012, with ICT investments being increasingly channelled to enterprise applications, mobility, and business analytics.

Full Report Details at
-

www.fastmr.com/prod/753296_ict_budget_and_staffing_trends_in_ins ..

What are the key drivers behind recent market changes?
Insurers are investing in enterprise applications, mobility, and business analytics to respond to the changing business environment, improve customer service levels, and capitalise on revenue generating opportunities.

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 Budgets. Very few IT analyst houses will have interviewed 110+ ICT decision makers in the insurance sector in H2 2012.

Key Features and Benefits
Understand how ICT budgets are set to change in 2013 in terms of their overall size.

Appreciate how budgets are allocated across the core elements of ICT spend, including hardware, software, services, communications and consulting.

Learn how ICT money is being spent in areas such as the data centre, applications, IT management and the network.

Establish how IT staff are typically allocated within insurers.

Gain insight into with whom insurers plan to spend their ICT money.

Key Market Issues
Insurers are also planning to increase their ICT budget allocations for software, primarily driven by the need to implement enterprise applications such as customer relationship management (CRM) in the wake of increasing competition across the sector.

Kable's survey highlights that insurers are allocating the highest portion of their ICT budgets to their data centres in both 2012 and 2013. Focus on adopting robust disaster recovery plans is encouraging them to invest in data centres.

Spending with technology product vendors is expected to increase as insurers look to upgrade existing systems and adopt advanced technologies to improve competitiveness amidst increasing customer expectations.

Kable's survey indicates that the largest proportion of total IT staff is employed on applications, to address any issues which may affect the smooth running of insurers' business critical software.

In an effort to minimise costs and reduce the hassle of managing applications, insurers are slowly shifting their focus to software as a service (SaaS), allocating 22% of their software budgets on average to this category.

Key Highlights
Kable's survey shows that insurers are allocating the highest proportion of their hardware budgets to client computing, followed by network and communications equipment and mainframes, with average allocations of 15% to both of these areas.

Kable's survey shows that insurers are planning to increase their software budget allocations to enterprise applications by 1% in 2013 compared to 2012 to enable the faster development of new products, improve sales, and streamline policy issuance, administration and claims processing.

Kable's survey shows that insurers are allocating the highest share of their IT services budgets to application development and integration, with an average budget allocation of 20%.

According to Kable's survey, insurers are attaching the highest importance to systems planning and design consulting, with an average budget allocation of 38%. As insurers are planning to adopt new technologies such as cloud computing, enterprise mobility, and business analytics, there is a growing need for systems planning and design consulting services in the sector.

Kable's survey illustrates that a significant portion of insurers' telecoms budgets is being assigned to strengthening their voice communications (both mobile and fixed-line) to maintain their business operations.

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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