Insurance IT strategy: planning for a world that has changed

There is not doubt that the impact of the current financial crisis will effect insurers the world over for years to come. Here, insurance information technology (IT) analysts Mike Fitzgerald, Donald Light, Catherine Stagg-Macey and Craig Weber of IT research and consulting firm, Celent, examine the fundamentals of the crisis and highlight the likely impact on insurance carriers across several critical dimensions. They also explore possible insurer reactions and highlights the IT strategy themes that they believe will help some carriers emerge from the crisis with a stronger competitive position. According to Celent, the unprecedented breadth and intensity of issues currently facing the industry will constrain future growth, but these challenges also represent opportunities for carriers that position themselves correctly. Celent believes that insurers, their technology groups, and their technology vendors all must recognize that the world has changed, and that these changes require them to use more discipline in selecting, designing, and implementing technology solutions