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THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS REPORT Xchanging conducted an industry survey on site at the May 2014 Acord Loma Forum in Orlando, FL that gathered data on insurance technology and spending trends. The following data is based on responses from 75 practitioners. 27% 26% 60% 40% of survey respondents were in Executive, CEO, EVP/ SVP roles of survey respondents were in Director, Project Mngt, Data Mgr roles would increase outsourced policy and claims admin Life/Annuity Property & Casualty Other Question 1: What is your job function? Question 3: What are the top challenges facing your business in 2014? Question 4: Do you expect your company’s IT budget to increase, decrease or remain the same? Question 5: Do you expect your company’s level of business process outsourcing engagement to increase in 2014? Question 6: If so, in what areas will your company’s level of business process outsourcing engagement increase in 2014? Question 2: What segment of the insurance sector are you involved in? 28% Modernization of core technology 27% Innovative new products and services 15% Increased competition 3 rd 1 st 2 nd 40% 38% 22% Expect an increase this year Expect it to remain the same this year Expect a decrease this year 68% 1% 31% 52% 25% 13% would increase outsourcing of IT services would increase outsource back-office services

THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS … · THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS REPORT Xchanging conducted an industry survey on site at the May 2014 Acord

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Page 1: THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS … · THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS REPORT Xchanging conducted an industry survey on site at the May 2014 Acord

THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS REPORT

Xchanging conducted an industry survey on site at the May 2014 Acord Loma Forum in Orlando, FL that gathered data on insurance technology and spending trends. The following data is based on responses from 75 practitioners.

27%

26%

60% 40%

of survey respondents were in Executive, CEO, EVP/ SVP roles

of survey respondents were in Director, Project Mngt, Data Mgr roles

would increase outsourced policy and claims admin

Life/Annuity Property & Casualty Other

Question 1: What is your job function? Question 3: What are the top challenges facing your business in 2014?

Question 4: Do you expect your company’s IT budget to increase, decrease or remain the same?

Question 5: Do you expect your company’s level of business process outsourcing engagement to increase in 2014?

Question 6: If so, in what areas will your company’s level of business process outsourcing engagement increase in 2014?

Question 2: What segment of the insurance sector are you involved in?

28% Modernization

of core technology

27% Innovative new products and

services15%

Increased competition

3rd1st

2nd

40% 38% 22%

Expect an increase this year

Expect it to remain the same this year

Expect a decrease this year68% 1%31%

52%

25%

13%

would increase outsourcing of IT services

would increase outsource back-office services

Page 2: THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS … · THE 2014 INSURANCE TECHNOLOGY AND SPENDING TRENDS REPORT Xchanging conducted an industry survey on site at the May 2014 Acord

Question 10: Who will be your biggest competition in 2014?

59% Technology

36% Big Data Analytics

59% Invest in

established IT infrastructure

27% Technology and Mobility

26% Big Data Analytics

48% Strategic

sourcing of talent

27% Regulations

30% Mobile

applications

37% Employees

gain certification

(ACORD)

Question 7: What is your biggest priority from a resource standpoint?

Question 11: Where do you see your biggest opportunities in 2014?

Question 12: What are the top three most important goals to your company in 2014?

Question 13: What claims technologies does your company value most in 2014?

Question 14: Has your company experienced a decline in the use of brokers over the past year?

Question 8: In terms of priority, rank the following technologies you think your firm will increase investment in 2014.

Question 9: What practices or services do you think could benefit your company either in terms of efficiency, cost savings or overall competitiveness?

3rd

3rd

3rd

1st

1st

1st

2nd

3rd

1st

2nd

2nd

2nd

Talent acquisition

Product and services development

Outsourcing to a third party

Engaging customers in new ways

Core applications development

49% Local insurance

companies

12% Other

9% Foreign-backed

insurance companies

30% Non-conventional

sources (i.e. agencies; insurance marketing

teams; Google; banks)

27%24%29%

chose increase market share as the most important business goal

chose improve speed to market for offerings as the 2nd most important

42% Predictive modeling/analytics

25% Big data

chose reach customers in new ways and through multiple platforms as 3rd most important

11% 89%