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Introduction

This report identifies and analyzes the key trends that will impact the global insurance sector in 2018. Included in the discussion are findings from Ovum's ICT Enterprise Insights study.

Highlights

  • Most regional markets will grow IT budgets but at the slowest rates in 36 months. The UK insurance industry will actually cut IT budgets in 2018. Digital channels and fraud prevention systems are the top overall area of investment.

Features and Benefits

  • Allows insurers to assess the impact of key business and technology trends on their organization and markets.
  • Analyzes trends in IT spending in the insurance industry.

Key questions answered

  • What are the key business and technology drivers impacting the global insurance sector?
  • How do the key business and technology drivers vary by region, sector, and organization size?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for insurers
  • Recommendations for vendors serving the insurance sector

Regulation and Brexit are shaping IT spend in 2018

  • Slow and uncertain growth means the global insurance industry is cautious about investment in IT
  • Uncertainty around Brexit has led UK insurers to cut IT spending in 2018
  • Emerging Asia-Pacific insurers continue to drive growth but at a slower rate
  • Latin American insurers will divert IT resources to meet regulatory requirements in 2018
  • North American insurers are increasingly using AI technologies to drive operational efficiency

Digital channels and fraud remain the top areas for IT investment

  • Budget growth will be modest but will encompass most functional areas
  • Tackling fraud emerges as a key priority for non-life insurers

Insurers reconsider IoT-based insurance and the threat posed by insurtechs

  • Insurers are becoming increasingly disillusioned about IoT-based insurance
  • Insurtechs are seen as a growing threat to midsize insurers

Appendix

  • Methodology
  • Author

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