A new survey among chief information officers (CIOs) in the US insurance market released today reveals that US CIOs are more optimistic about growth this year, with most executives relying on targeted ITO (information technology outsourcing) and BPO (business process outsourcing) to sustain growth in their companies.
Celent, a research and consulting firm with a focus on global financial services, released its 8th annual US Insurance CIO Survey, covering 32 executives from the property and casualty sectors of the insurance market.
“[The industry] is cruising along and making some progress,” explains Celent consultant Donald Light, author of the report. Among the report’s findings are:
-- SOA (service-oriented architecture) and web services have become industry standards;
-- Specialized reliance on ITO and BPO for infrastructure development and maintenance;
-- Combination of core functions from those supplied internally and from vendors; and
-- Emergence of SaaS (software-as-a-service) and social networking.
Light warns, though, that the report does not offer a complete overview of the insurance industry, but rather a confirmation of what their consultancy firm has gathered from their clients.