Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at martin.kornacki@the-digital-insurer.com

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

REach out to us. Please fill up the form below
  • Let us know how we can help. You can expect a response within 24 hours

Harvey Nash/KPMG CIO Survey 2017 by KPMG

[ff_author_box_style2]

Article Synopsis :

The “Harvey Nash/KPMG CIO Survey” is the largest IT leadership study in the world, with almost 4,500 respondents across 86 countries, representing over US$300bn of IT budget spend. This infographic shares insurance sector findings.

 The Digital Insurer reviews KPMG’s Report on Harvey Nash/KPMG CIO Survey 2017

Insurers are under unprecedented pressure to drive out cost and boost organizational agility 

Of note:

  • Insurers are more pessimistic about IT budgets for 2018 relative to other industries, with 41% expecting a budget increase, and 23% anticipating a decrease, versus 46% and 18% respectively for other industries.
  • Insurer Boards place a greater emphasis on developing new products and services (58%), and less of an emphasis on improving business processes (53%).
  • Insurers are more likely to focus on creating a more nimble technology platform (59% vs. 52% for all industries), and reducing the amount of long-term planning (33% vs. 26%).
  • Insurance companies report low overall effectiveness in their digital strategies, with just 15% describing them as very effective, compared to an all-industries average of 18%.
  • Implementing digital, insurers face similar challenges as other industries, with change resistance and lack of specific digital technology skills topping the list.
  • Insurers have invested much more heavily in digital labor (e.g., RPA, AI) than those in other industries, with more making both significant investments (12% vs. 9% for all industries) and moderate investments (25% vs. 14%).
  • The role insurance CIOs play in innovation largely mirrors the all-industries average, with 26% leading innovation across the business, and 48% leading innovation only in technical/IT matters.

Not surprisingly, insurers consider themselves strong in managing risk and security, but weak in developing the right culture, utilizing data and analytics, and fostering innovation.

Link to Full Article:: click here

Digital Insurer's Comments

We think the report’s two main conclusions are spot on:

  1. Insurers are under unprecedented pressure to leverage technology to drive out cost of complexity and legacy, enabling growth with a focus on new products and services.
  2. Insurers are investing more heavily in digital labor (DL) than those in other industries for reasons that go beyond cost savings. DL can unlock productivity, organizational agility and customer responsiveness.

We might also add a third. Insurers, it seems, are waking up to the value of organizational speed—speed as the objective function, speed as the operating model, speed as the cultural bias. Fast eats big in the digital insurance jungle.

Link to Source:: click here

Comments

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in