Insurance is an information business. As the market becomes more competitive and information processing capabilities become more advanced, insurance company executives universally understand that the effective development and management of information technology is core to their abilities to create value.
However, this growth in the recognition of information technology's core position can be a mixed blessing for insurer IT executives, since they are now expected to measure and communicate their value in concrete business terms.
Novarica's research has described three major classes of IT metrics–cost, performance and, most importantly, value. Unfortunately, most insurers are still stuck using the first two classes. For IT executives who want to be true partners in the business, value metrics are a must.
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