IT escalating costs are biggest concern for insurance managers
According to market research, escalating IT costs are the biggest concern for insurance managers.
Because of cost over-run, failures to deliver on time and inability to manage immediate changes, insurers and brokers are falling behind in the race to exploit Internet based trading opportunities.
Research conducted by Straight Marketing on behalf of esist Insurance Technology points to uncertainty of final delivery price, ongoing maintenance charges and delivery time slippage as top of the list of insurance managers’ disquiets about IT.
The research was conducted in the last six months and 40 leading insurance managers were asked to prioritise their business anxieties.
Among smaller organisations, upfront system costs, marketing, and HR legislation were their top concerns.
Managers in larger insurance entities put IT constrictions in front of HR and Compliance. When asked why they had concerns over IT systems, 80% advised that ‘legacy’ issues restrained the ability to trade more widely and 90% agreed that IT suppliers ‘rarely delighted’ -in terms of delivering on time and within expected contract price.
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