Managing Insurance Business Demands While Controlling IT Budgets in Extraordinary Times

By Steve Addair During these dynamic economic times, many Property & Casualty business partners are adjusting to shifting markets and thus demanding even more services from their IT departments. However, IT budgets are not able to keep pace with the increased demand. This article discusses how IT leaders can implement key strategies to provide for these evolving business needs while controlling expenditures.

As insurance products continue to become more commoditized, IT departments are pushed to provide features that can create competitive market differentiation. Property & Casualty companies now require more frequent rate changes, new product line rollouts, varied product distribution channels, agent and consumer web portals, and other creative IT initiatives without a commensurate increase in their budget.