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Introduction

This report identifies and analyzes the key trends that will impact the global insurance sector in 2019. Included in the discussion are findings from Ovum's ICT Enterprise Insights study.

Highlights

  • All regional markets will grow IT budgets with the most positive outlook in the last 36 months.
  • Digital channels, fraud prevention, and regulatory systems are the top overall areas of ICT investment.

Features and Benefits

  • Allows insurers to assess the impact of key business and technology trends on their organization and markets.
  • Analyzes trends in IT spending in the insurance industry.

Key questions answered

  • What are the key business and technology drivers and how are they dictating ICT spend in the global insurance sector?
  • How do the key business and technology drivers vary by region, sector, and organization size?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for insurers
  • Recommendations for vendors

ICT spend will increase across all regional markets in 2019

  • ICT is seen as critical to the insurance sector if it is to remain relevant in a changing market
  • Emerging markets remain the growth engines for the global insurance sector
  • A positive economic outlook is supporting ICT spend in mature markets
  • Emerging Asia-Pacific insurers continue to drive ICT spend growth

Digital channels, fraud, and compliance are the key ICT investment priorities in 2019

  • Digitizing interaction and servicing of customers remains the top ICT priority
  • Insurers need to counter a growing array of fraudulent activities
  • IFRS will remain a priority for all insurers until the end of 2021
  • Steady investment in IoT-based initiatives will continue in 2019

Digital capability and security are key drivers of ICT investment for insurers

  • The character of legacy modernization is changing
  • Security continues to dominate the executive agenda
  • Cloud technology will be central to future sourcing decisions

Appendix

  • Methodology
  • Further reading
  • Author