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Introduction

This report identifies and analyzes the key trends that will impact the global insurance sector in 2017. Included in the discussion are findings from Ovum's ICT Enterprise Insights study.

Highlights

  • All regional markets will grow IT budgets, led by Asia-Pacific, with growth accelerating after moderating in 2015/16. Digital channels are the top investment area, with IoT emerging as a key topic on the insurance CIO's agenda.

Features and Benefits

  • Allows insurers to assess the impact of key 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 enterprises
  • Recommendations for vendors

Business trends and technology enablers

  • Market improvement is accelerating the rate of change for the insurance industry
  • Continuing premium recovery drives cautious investment in IT
  • IT spending in emerging Asia-Pacific markets accelerates as slowdown fears recede
  • Latin America will continue to see strong expansion of IT budgets in 2017 despite an uncertain economic outlook
  • Operational effectiveness will be an increasingly important focus for North American insurers in 2017
  • Brexit will lead to some slowing of IT spending in Europe and the UK during 2017/18

Digital channels remain the top area of IT investment despite concerns about IoT

  • IT budget increases will grow across most functional areas
  • Enhancing the customer experience is driving claims processing investment

Most carriers remain uncertain about IoT strategy despite the risks posed by delaying

  • The majority of carriers expect IoT to have a significant impact on the insurance industry within 36 months
  • Complexity, risk, and poor take-up are key barriers to greater IoT engagement by carriers
  • Tech giants pose the biggest threat to carriers in the IoT space

Appendix

  • Methodology
  • Further reading
  • Author

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