The top reason insurers embark on technology programs is to grow their business, according to a consulting firm’s survey of insurers’ chief information officers.
Those findings were revealed during a Webinar presented by Celent L.L.C., Boston, a member of Oliver Wyman Group, which is owned by Marsh & McLennan Companies Inc., New York.
Craig Weber, Celent senior vice president, said that 87% of property and casualty CIOs and 80% of life and health CIOs placed driving the business as the main reason for information technology initiatives this year.
Weber called this “a stark difference from previous years.”
There was a split on other options. For instance, 74% of p&c respondents saw ease of doing business as a major reason for IT initiatives, while 74% percent of those on the life side saw cost reduction as the main reason.
The results underscore the fact that “growth is clearly on the agenda,” said Weber.