Harvey Nash/KPMG CIO Survey 2017 by KPMG

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.

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.

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