If I Had $5 Million…Where Insurer CIOs Would Spend Money They Don’t Have and Why
Author: Matthew Josefowicz
Published: September 2012
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This report is based on 120 insurer CIO and senior IT executives’ responses to a simple question: If you had a free $3-5million in your budget to spend on any initiative in 2013, what would you spend it on? It includes several charts analyzing responses as well as over 100 quotes and comments from the respondents.
Data and analytics is the most common response for all sizes of insurers, despite the already heavy investment in this area across the industry. Mobile is also a component of many insurers’ unfunded dreams to improve customer and distributor communications. Smaller insurers, to whom $5 million would represent a substantial windfall, turn their thoughts to full core systems replacements, while a minority of insurers across the spectrum dream of unfundable infrastructure upgrades.
The report concludes with a reminder that money isn’t the only scarce resource for insurer CIOs. No matter how much funding is made available, business resources are still required to improve systems capabilities.