Changing Industry Demographics
One of the most impacted industries worldwide during the recent financial meltdown was the Insurance sector. The insurance sector is steering towards a recovery with a precise review of its strategies and procedures. Fuelled by the extreme stress on profits, increased regulatory reforms and emerging new markets insurance operators are closely assessing their people, processes and systems to gain competitive advantage.

Increased globalization, new product requirements and altered customer relationship dynamics is forcing the Insurance operators to have applications/systems capable of accommodating to new business necessities & rules with minimal time for implementation and limited dependency on IT staff. Requirement of complex and dynamic enterprise administration system for rapid business processing and on-demand customer services is stimulating the Insurance sector to transform their IT team into a high performing cohesive unit or propagating/propelling them to search for smart and expert IT partner.

Faced with this barrage of requirements and a changing accounting & regulatory environment, the Insurance sector is increasingly looking at IT industry and its smart solutions to cope with such demands. For this, it is increasingly becoming evident to insurance operators that smart, dynamic and scalable solution will form the bedrock for achieving optimal usage of capital and resources. As market conditions are improving, insurance operators are re-designing their business models having Information Technology as a vital cog for success.

In the present day, application management services are provided at competitive costs with high quality standards region independent. Be it Independent Software Vendors, established Insurance carriers or Third Party Administrators, all venturing into the possibilities of global sourcing for integration of Information Technology into their business model and processes.

Information Technology trends in Insurance Industry