Insurance IT organizations and those who run them face heavy challenges in the foreseeable future, including needs for modernization, innovation, and investment in skill sets that are often in short supply. Insurer IT groups can address these challenges by enlisting the help of service partners, which can supply variable capacity and rare skills beyond just outsourcing.
IT services partners provide capabilities to implement best practices through organized, structured processes and supporting procedures that then play key roles in the challenges facing IT organizations. IT services providers can create IT capacity by performing tasks, processes, and services that incumbent IT resources normally perform, allowing for resource reallocation to add strategic business value. IT services partners bring robust IT process and practices that are essential to modernization efforts, like change management practices, ITIL employment, and Agile approaches.
In addition to these capabilities, IT services providers also enable insurers to be more competitive and profitable in their chosen markets; IT services partners can take the day-to-day operational IT activities off the plate of the incumbent IT staff, which allows them to be provisioned more effectively. Carriers can also leverage the investments IT services providers have made in emerging technologies rather than ramping up internal skill sets, thus providing the ability to enter a new business or provide a new service in a low-cost, frictionless fashion.
It is more important now than ever for IT organizations to be correctly prepared and positioned to respond to the needs of their business partners—this means engaging with partners that can both complement and supplement their internal resources, effectively giving insurer CIOs a multiplier on the resources that may already be part of their own full-time organizations.
Our most recent Novarica Market Navigator, IT Services Providers for Insurers, provides detailed profiles of 41 vendor solutions with information on each of the vendors’ capabilities, technology, and market position to help insurer CIOs understand their options in the marketplace.
Add new comment