Insurance presidents and CEOs aren't the only senior-level executives who are feeling the heat in the competitive insurance marketplace. Senior IT executives are concerned about the adequacy of technology resources, remaining competitive and meeting new compliance requirements, in addition to new-product development and security.These findings are based on a survey of senior IT executives conducted last summer by Celent Communications in conjunction with Insurance Networking News. The survey found that CIOs are facing diminishing resources at a time when the need to improve operational efficiency and to comply with new regulations is increasing.
One strategy that CIOs are beginning to embrace is outsourcing IT and business processes. However, the survey indicates that many CIOs are planning on decreasing their dependence on offshore systems maintenance and are planning to increase software development and core systems hosting.
Also, while the use of business process outsourcing for core insurance operations is currently limited, CIOs indicate they're planning greater usage of this model in the future.
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