Risk management is currently the strongest driver for compliance-related technology investments in the insurance industry, according to a new survey, "IT Innovation & Compliance," conducted by Strategy Meets Action in conjunction with Wolters Kluwer Financial Services.
More than 60 percent of the survey's 340 respondents–including business, IT, and compliance executives at insurance carriers–feel reducing risk within their organizations is one of the key business drivers triggering technology investments to improve compliance.
Inadequate systems was the second most cited factor, with more than 45 percent saying those systems are also influencing technology decisions. Insurance carriers with direct written premium of $250 million to $1 billion appear to be most burdened by inadequate systems, according to the survey.
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