A severe storm flung Dorothy and her dog, Toto, into a strange and unfamiliar world. Glinda, the good witch of the North, told Dorothy the wonderful Wizard of Oz could get her back home. Glinda advised Dorothy to follow–and stay on–the yellow brick road if she wanted to get safely to the Emerald City, where the Wizard lived.
Insurers, like Dorothy, also have found themselves in a strange, new world characterized by a seemingly never-ending financial crisis, potentially more stringent regulatory requirements, and the obvious need to have a well-oiled enterprise risk management capability that takes all external and internal risks, including investment quality, into its purview. Of course, insurers must continue to meet the demands of their customers and producers, developing products and services that meet, if not exceed, market expectations. Instead of ruby slippers, insurers are turning to SOA to help them find their way home.
To better discern insurers' progress deploying SOA, Financial Insights (an IDC Company) surveyed North American insurance companies that already have adopted or are in the process of adopting SOA. The objectives were to determine:
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