While nearly half (49 percent) of U.S. insurers cite U.S.-based insurance companies as their biggest competition, a significant segment (30 percent) believe non-conventional sources are the biggest threat.
Xchanging Plc, a business process, procurement and technology services provider, unveils this finding in “The 2014 Insurance Technology and Spending Trends Report.” The 15-question survey encompasses responses from 75 insurance industry practitioners conducted at the Acord Loma Forum, May 4-6, 2014.
Most survey respondents are representatives from the life/annuity, property & casualty and reinsurance/large commercial insurance sectors. Respondents included directors and project managers (26 percent), executives (27 percent), IT staff (16 percent), as well as agents, brokers, analysts and others.
The report reveals that only 11 percent of respondents rank attracting qualified talent as the top challenge, an “alarmingly low” percentage in the survey authors’ view. About one-third of individuals polled say that talent acquisition was lower on their list of priorities.