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The main areas include core and legacy transformation, data mining and mastery, and analytics and digitization, Celent says.
The insurance IT seems to be continually growing, crossing $162.1 billion in 2014. According to Celent’s recent research report “IT Spending in Insurance: A Global Perspective”, the increase in insurance IT spending represents a compound annual growth rate of 4.4 percent from 2014 to 2016 across North America, Europe, Latin America, and Asia-Pacific. Continue reading
The insurance industry is known to have a cautious approach when it comes to change. In many ways, that’s a good thing, especially at times when managing risks prudently. But insurers are also the ones who adapt very slowly to changes and tend to stick to their legacy systems, both in terms of technology and business operations, especially in the face of a changing competitive landscape and ever-higher consumer expectations.
Also See: 5 Market Forces Driving Change in Insurance Carriers’ Strategy
A latest P&C industry survey reveals that insurers are very much aware of the changes affecting the industry. Also, they are gearing up to embrace those changes through increased IT investments, transforming their IT systems and many other ways. Their responses to adapt to changes reveal opportunities, challenges and trends in the areas of claims, underwriting, technology, social media, contact centers and organizational maturity. [@PCITplus] Continue reading
According to a survey conducted by Accenture, consumers are providing services providers with greater amount of their personal data if it means more personalized products or better value
Consumers are constantly evolving their ways of interaction with insurers and other service providers. This has also led a significant change in the way consumers buy insurance. An Accenture survey of more than 6,000 insurance customers in 11 countries, suggest that consumers are willing to provide their personal information if it means better and more personalized products or value addition in terms of their coverage. [@PCITplus] Continue reading
Insurers are exploring more avenues to connect and stay engaged with their customers. And in order to do that, they are looking to technology. While many insurers are already getting good response engaging with their customers via social media sites such as Twitter, Facebook and Linkedin, there is still an underlying need to adopt mobility as a part of customer engagement strategy. As such, many companies have already started developing their own mobile applications in order to reinforce their connection with their heavily smartphones and tablets driven customers. [@PCITplus] Continue reading