Yes, insurers have been painted as slow adopters of new technologies, and yes, in many companies, the reputation is well earned. But accepting this picture at face value is like seeing the world in black and white. Tangible strategic IT spending and implementation have been going on–even without significant budgetary increases–and have added a lot of gray to this perhaps now somewhat outdated image.
Just take a look at IT activity today. According to a Celent survey, top areas of significant new project spending include initiatives focused on underwriting, claims, product development, and data mastery. Dollars also are going to document handling, policy administration system replacement, ACORD XML adoption, agent portals, and BPM.
Today's business challenges themselves are proof the industry isn't merely watching the grass grow but is actively planting seeds for future growth. Speed to market, maximizing and facilitating customer contact through better data management and self-service capabilities, and improved business intelligence all are just a few of the many goals targeted now. The list is dizzying–and exciting.
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