The pace of core application replacement and modernization in the U.S. insurance market continues as the top IT budget item in 2009. Even with the losses from investments and underwriting performance, and declines in written premiums and policyholder surplus, insurers recognize that future business performance is inextricably linked to transitioning IT costs from just running the business to changing the business. That’s not a surprise, given how tightly coupled the business of insurance is with this business technology.
At the same time, U.S. insurers are looking to move shoppers and policyholders online for both policy sales and claims self-service to both improve the customer experience while wringing more costs out of these business processes. Indeed, questions about core applications and customer experience topped the questions that insurers around the world posed to Forrester in 2008.
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