The insurer’s IT wish list

Celent scorecard ranks insurer demand, satisfaction.

What do insurers want from their IT providers? Speed, stability and industry knowledge, reports a new survey on insurer-IT relationships.

Process–not price–leads list of factors driving insurer-IT partnerships, according to findings of a Celent survey. North American insurers single out vendor responsiveness as the top factor influencing their choice of IT partner, followed by stability in second place, and IT skill set and long-term potential tying for third place. Industry knowledge rounds out the top five factors, the survey, released last week, reports.

Price was still among the the top ten factors examined by the survey, What Insurance Customers Really Think, but was in the lower half of the list, ranking seventh. Experience, project management skill sets, existing frameworks and software partnerships complete the top ten list.

Top service demands

Demand for–and spending levels on–custom development is higher than that for other services in North America, the survey found, with insurers also turning to IT partnerships for maintenance, testing and domain consulting in higher numbers.

And though insurers generally rate their IT providers favourably–just under half of North American insurers gave their providers “very high” marks, and also gave their business process outsourcing (BPO) and domain consulting top service marks, which earned 5.7 and 5.6 scores out of a possible 7, respectively.

The results also showed some room for improvement: although demand is high for custom IT development, insurers in North America scored their service satisfaction on that front lower than others–giving it 5.1 out of 7.

Client relationships between insurers and IT providers are generally less than 7 years, the Celent report found.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.