With all the reports about how much insurers plan to spend on technology in 2011, little has been written about the impetus behind the decision. For carriers focused on compliance with regulatory bodies (which comprises the bulk of insurers), the strongest incentive for technology investments is risk management.
More than 60% of 340 respondents in a survey reported “reducing risk” within their organizations is one of the key business drivers triggering technology investments to improve compliance. The survey, “IT Innovation & Compliance,” was conducted recently by Strategy Meets Action in conjunction with Wolters Kluwer Financial Services, targeted business, information technology and compliance executives at insurance carriers.
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