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Policy Administration

08:38 AM
Kathy Burger
Kathy Burger
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How Are Insurance Companies Navigating the 2012 IT Budget Process? Respond to I&T's Survey to Share Your Budget Experiences

Whether they increase or shrink compared to 2011 levels, insurers' 2012 IT budgets will have to cover everything from compliance to analytics to core systems to customer experience. Tell us how your 2012 IT budget is shaping up by participating in an Insurance & Technology survey.

Click Here to Take Our Survey

Even in the best of economic times, IT budgeting is a complex and difficult process requiring a combination of accounting, political, technical and prognostication skills. Given the current business, regulatory and competitive environment, the IT budget process for 2012 could be one of the most challenging ever for insurance technology executives. Still, no matter how much internal and external pressure there is to manage costs, the 2012 budget requirements can't be all be about cutbacks. IT executives also will need to make some savvy decisions about investing in emerging digital channels, updating or replacing core policy administration and claims systems, and improving decision-making capabilities -- all of which relate to driving growth and improving customer loyalty.

What's the budget outlook at your organization? How are you managing the perpetual balancing act between efficiency and cost controls on the one hand, and service, customer experience and growth initiatives on the other?

You can tell us about your priorities and concerns by participating in a brief Insurance & Technology survey, available at this link. We'll be discussing the research at next month's I&T Executive Summit at The Boulders Resort & Spa in Carefree, Ariz. (Nov. 6-9). Post-event we'll report in-depth on how the 2012 IT budgets are shaping up. If you think there's more to the story, let me know at [email protected] or on Twitter at @kathyburger. And good luck!

Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio

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