Framingham, Mass.– Financial Insights, an IDC company, has released its annual report identifying the Top 10 IT initiatives that will have key strategic importance for insurance organizations worldwide in 2006.The report, titled "Top 10 Strategic Initiatives for 2006: Insurance Industry Must Pick Up The Pace," describes these initiatives, examines why they will have an impact in 2006 and explains why they should be on the minds of business and technology executives at insurance companies and vendors serving the industry. Namely, the top 10 strategic initiatives for insurance are the following:
- Getting operationally rational
- Platform development
- Protecting the firm
- Leveraging analytics
- Ease of doing business
- Fraud management
- Content management and collaboration
- Data, data everywhere
- Acquisitive spirit alive and kicking
- Sourcing management
"Insurable events are happening around the globe quicker and with significantly more impact to insurer's bottom lines than ever before. Competitive success increasingly will depend on the insurer's ability to leverage up-to-date information to become more agile and responsive," says Barry Rabkin, senior research analyst, Insurance at Financial Insights. "Insurers need to restructure their operations to have significantly fewer core administrative systems and to move beyond point solutions to platforms that support secure enterprise-wide applications to achieve the requisite agility."
Source: Financial Insights, an IDC Company
