Insurance IT strategy primarily is concerned with known issues, such as speed-to-market for products and product changes, providing better agent and policyholder experience and driving better performance through data management and analytics. The challenges are well-known: legacy transformation, incorporating new assets into application architectures, data quality, and marshaling time and money to address the highest impact issues first, without ignoring small issues that have potential to grow.
At the same time, IT leaders also need a vision that accounts for tomorrow's issues. We surveyed more than 80 insurance CIOs, asking them to look five years out and consider the biggest potential disrupters to their businesses and what steps they are taking to prepare. The five most common issues were regulatory changes, shifting market needs and expectations, the financial environment, increased catastrophes and the emergence of big data.
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