A couple thousand insurance and IT professionals just participated in the annual ACORD LOMA and IASA conferences—numbers that were greater than 2010. These mid-year events typically provide an interesting glimpse into the major themes for IT strategy and investment among insurers and a look at what is on the drawing board for the next wave of projects.
SMA spoke with hundreds of insurers and vendors at both events. A few clear messages emerged from these interactions.
A dominant theme we observed was the balance and the tension between the new, innovative, and exciting projects versus the mainstream, core, workhorse-type projects. While there is considerable excitement and buzz around social media, mobile technologies, and advanced analytics, we sense a significant resurgence in activity around core policy administration, underwriting, and claim systems.
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