Published: 22 January 2024
Gartner’s 2024 insurance strategic planning assumptions focus on technologies such as generative AI and hyperautomation that go beyond the tried and true and shift the balance to a more innovative portfolio of IT spending. Insurance CIOs must rebalance their technology spending to achieve new ROI.
Despite billions of dollars of insurance industry spending on IT over the last five years, revenue per employee has gone down, as measured in Gartner’s IT key metrics insurance industry analysis.
According to Gartner’s financial services technology research, only 29% of insurance companies have fully scaled up their digital business. Digital investments are not scaling to their optimal level.
Most insurance companies focus only on investment in established technologies with proven outcomes. IT spending allocations between tried-and-true versus innovative technologies are not being optimized.
Adjust your information technology strategy as the market and conditions change by ensuring that all
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Analysts:
Richard Natale, Kimberly Harris-Ferrante, Sham Gill, Rajesh Narayan, James Ingham, Laurie Shotton
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