The insurance industry has a long, established tradition of changing slowly. Yet, it must function in a world that is shifting at lightning speed as technologies that focus on information and communication converge and become incredibly powerful.
Insurers must find new ways to capitalize, cope, and keep pace. A large share of the responsibility for success sits squarely on the shoulders of the CIO. Fortunately, the alternatives for building and assembling information technology capabilities are increasing and providing new ways to execute strategies.
There is a real, although sometimes quiet, revolution occurring in the way information and communication resources can be procured, delivered, and used. Options for sourcing are becoming more robust—fueled by forces such as rapid globalization; increasing availability of computing power and data storage capacity at a reasonable cost; steady advances in software development methodologies; and the affordability of higher and higher communications technology bandwidths. There are many new ways for IT to do its work and to create a nimble organization with fully coordinated people, processes, technology, and information. One that is able to adapt and thrive in an uncertain future.
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