Is your company getting the most out of the technology tools that are available in the enterprise? A number of insurance professionals in Europe apparently don’t believe they are getting much value. In a survey conducted by Clear Path Analysis, 85 percent of insurance risk professionals report that in the approach to Solvency II, Europe’s regulatory requirements for the insurance industry, they are under-utilizing technology.
The survey of insurance technology professionals who specialize in risk management shows 74 percent believe one of their priorities must be to rationalize which operation areas technology systems must address.
Forty-seven percent of respondents to the survey report they are resisting acquiring new systems due to the challenge presented by engaging staff and outsourced providers to use new technology, and 29 percent would like technology to get as close to real-time transparency as possible on the operational and business risks that they face.
It’s always interesting to see how our European neighbors are addressing some of the same issues insurance carriers in North America are facing. The 85 percent figure under-utilizing technology is a bit staggering, though.
It could mean a couple of things: Either the technology tools that are available in the EU are worthless, or the IT departments in European insurers are not selling the value of the technology to the business units.
I suppose the former is a possibility, and if it is there’s an excellent opportunity for software vendors to develop new technology. I tend to believe it’s the latter, though.
IT people have always cried out to be heard—the whole seat at the table argument—but even more important for IT is the ability to listen to your business partners and offer solutions to solve business issues. Solvency II is no doubt complex, but so are any number of business challenges facing insurers.
How are your listening skills? Let me know what you think.