2009 Trends to Watch: Insurance Technology
Datamonitor
January 29, 2009 7 Pages - SKU: DFMN2104424
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Introduction
Insurers across the globe are reeling from one of the worst years on record. The arrival of a New Year will deliver little respite, however. While 2009 should not have the same surprises as '08 for example, the collapse and government bailout of the once-venerable American International Group (AIG) the year will be full of challenges.
Scope- An overview of the market environment facing insurers in 2009
- Datamonitor's view of the technology priorities for both life and non-life insurers
- Action points to help vendors in the insurance technology market
Highlights
The greatest near-term difficulty facing both life and non-life insurers will be continued pressure on profitability as a result of weak demand and poor investment performance.
In the coming year, insurers will seek ways to replace fixed costs with variable costs, which will drive adoption of alternative delivery models.
If 2008 was the year that mismanaged risk culminated in disaster, then 2009 will be the year that risk takes center stage. In general, insurers will spend a great deal of time, energy and money on risk management.Reasons to Purchase- Learn about the trends in insurance technology in 2009
- Gain insight into where insurance companies are investing
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- DATAMONITOR VIEW
- CATALYST
- SUMMARY
- ANALYSIS
- Insurers must overcome near-term challenges while simultaneously positioning for the future
- With fewer dollars,insurers will seek savings by adopting alternative delivery models
- SaaS players have opened their platforms and datacenters,enabling a wave of innovation by independent vendors
- Cost savings and the need to effectively absorb acquisitions will drive BPO
- The lessons of the past will drive risk management and compliance investments
- New risk models will need to be more robust and flexible
- Regulatory changes will drive investments in document management,analytics and business intelligence
- Increased demand for fixed annuities elevates the importance of portfolio management
- Insurers are ready to invest in fraud detection
- ACTIONS
- Tailor message to account for insurers' priority shift
- In today's unsettled regulatory landscape vendors should push insurers to be proactive
- Vendors should embrace today's buyer's market as an opportunity to establish and strengthen long-term relationships
- APPENDIX
- Methodology
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
- List of Figures
- Figure 1: Insurance IT spend growth rates
- Figure 2: Insurers' response to regulatory compliance
- Figure 3: US sales of fixed and variable annuities in relation to the S&P 500
- Figure 4: Insurance fraud and how it correlates with the economy
- Figure 5: Fraud detection will be a key part of insurers' strategy in 2009
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