Gartner Research

The Nexus of Forces Supports Industry Transformation, but Insurers Are Not Ready to Seize the Opportunity

Published: 16 April 2013

ID: G00248267

Analyst(s): Kimberly Harris-Ferrante

Summary

The Nexus of Forces (mobile, cloud, information and social) is poised to drive transformation within the insurance industry. Most P&C and life insurers are not prepared for the combined forces, and are unlikely to be able to capitalize on their benefits during the next three to five years.

Table Of Contents
  • Impacts

Analysis

Impacts and Recommendations

  • The Nexus of Forces will require insurance CIOs to take an enterprise approach to IT strategy and management, since all four elements must be looked at in combination to determine both opportunities and risks
  • The Nexus of Forces will challenge existing insurance IT environments, compelling CIOs to analyze its impact, especially on legacy systems, customer-facing channels and information management applications
  • Insurance CIOs who fully embrace the Nexus of Forces will be able to develop new business models that will provide competitive advantage

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