(MoneyNewsWire.Net, March 22, 2018 ) This ICT Investment Trends in Insurance market research is an intelligence report with meticulous efforts undertaken to study the right and valuable information. The data which has been looked upon is done considering both, the existing top players and the upcoming competitors. Business strategies of the key players and the new entering market industries are studied in detail. Well explained SWOT analysis, revenue share and contact information are shared in this report analysis.
Rising margin pressures have compelled insurers to enhance their customer service and devise new strategies to survive in the dynamic insurance market. Insurers are investing in various ICT segments to maintain their foothold in an increasingly challenging business environment. Insurers are using ICT to streamline their operations, achieve agility and quality of services, and increase their overall productivity.
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While providers intend to make some or significant IT investments across all insurance business functions through 2017, vendors need to respond to this in relation to the current market dynamics across the sector. More providers invested in modernizing their core systems such as policy administration and claims processing in order to improve infrastructure and policy service, as well as to achieve efficiency and lay the groundwork for growth and investment in new digital technologies.
ICT investment trends in insurance presents the findings from a survey of 99 insurers regarding their Information & Communications Technology (ICT) investment trends. The survey investigates how insurers currently allocate their ICT budgets across the core areas of enterprise ICT expenditure: hardware, software, IT services, communications, and consulting. The report illustrates the core technologies insurers are investing in, including business intelligence, internet of things (IoT) and green IT & virtualization. Understand the approach adopted by insurance companies to purchase technology and get a better insight into ICT vendors and services providers when pitching their solutions to insurers. The report focuses on insurers' ICT expenditure trends for specific business areas, identifying the top three IT projects, and understanding the business challenges faced by insurers.
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Key Findings
While insurers consider hardware investments to be a vital component of their strategy to improve sales and channel effectiveness, they are also investing in various software solutions to enable growth and effectively support their business operations & risk management. Insurers are using mobility to transform their working environments, improve their productivity, drive growth, and increase their profits. Meanwhile, customer channels and marketing systems rule the investment priorities of insurers
Scope: Cloud computing services are witnessing an increased interest from insurers primarily driven by the benefits of high scalability, flexibility, cost reduction, and reliable business continuity plans. IoT has emerged as the next ground-breaking technology segment and insurers are inclined towards investing in this domain. GlobalData survey results reveal that insurers value survival to be an important factor guiding their IT investment strategies, while ‘expertise in industry is their primary preference criterion for choosing ICT vendors.
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