Yes, insurers have been painted as slow adopters of new technologies, and yes, in many companies, the reputation is well earned. But accepting this picture at face value is like seeing the world in black and white. Tangible strategic IT spending and implementation have been going on–even without significant budgetary increases–and have added a lot of gray to this perhaps now somewhat outdated image.
Just take a look at IT activity today. According to a Celent survey, top areas of significant new project spending include initiatives focused on underwriting, claims, product development, and data mastery. Dollars also are going to document handling, policy administration system replacement, ACORD XML adoption, agent portals, and BPM.
Today's business challenges themselves are proof the industry isn't merely watching the grass grow but is actively planting seeds for future growth. Speed to market, maximizing and facilitating customer contact through better data management and self-service capabilities, and improved business intelligence all are just a few of the many goals targeted now. The list is dizzying–and exciting.
Following the lead of our readers, who push the insurance IT envelope, Tech Decisions does likewise in its editorial coverage. Two examples in this issue are the claims feature, "Beneath the Surface," which takes claims management to the next level, integrating it with risk management to strengthen the business as a whole, as well as the feature on the latest techniques for fighting fraud. In our last issue, I wrote about the new look of Tech Decisions and alluded to some new content. In this issue, you'll find several examples of that content:
o "Groundbreakers," a monthly department on the back page, brings you the industry players that are leaders in ways large and small but all offering technology-supported innovations to the industry that make it dynamic and stimulating.
o Consider consultant George Grieve, who will be writing the bi-monthly "Shop Talk," your solution shopping buddy. With a quarter-century's worth of experience and battle scars to show for it, he'll be at your side helping you to tackle some of those make-or-break purchasing decisions in an ever-changing marketplace.
o Everyone in the industry talks about business-IT alignment and how IT must understand the business in order to be a partner to it. Actually doing it is the tricky part. To help in the effort, we now are including "The Business Side," a periodic roundup of recent insurance business events that have made headlines, tapping the vast knowledge of the veteran editors at the National Underwriter property/casualty and life/health editions.
In addition, you'll find all the mainstays our readers have told us make this magazine a must-read. Please turn the page and enjoy. I look forward to your feedback!
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