Gartner Research

Insurance CIOs Need Better Understanding of Business Ecosystems to Drive Digital Transformation

Published: 25 July 2017

ID: G00327953

Analyst(s): Kimberly Harris-Ferrante, Juergen Weiss

Summary

The life and P&C insurance industry has ambitious targets for its business ecosystem, but underestimates the degree of digital business and IT maturity required to be successful. Insurance CIOs need to catch up with reality to support the business ecosystem strategies of their organizations.

Table Of Contents
  • Impacts

Analysis

Impacts and Recommendations

  • Digital immaturity, dependence on legacy IT systems and insufficient funding will be major inhibitors for insurance CIOs to bridge the current gap between business ecosystem ambitions and reality
  • A lack of adoption and preparation for key technologies will undermine insurance CIOs' strategic implementation of business ecosystems
  • The majority of business and IT leaders in insurance overestimate their business ecosystem maturity, leading to fragmented strategies and poor execution

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