The role of the insurance CIO has transformed over the last few years. Previously a bastion for SLAs (service level agreements) and KPIs, the CIO focused on the narrow realm of the cost center rather than being a trailblazer for innovation.
Executive SummaryWhy is this taking so long? Why does it cost so much? The questions keep coming when CIOs fall into the traps of juggling timelines and budgets to make quick tech fixes instead of strategically aligning budgets and pace of deployment with business goals. Greg Murphy, Executive Vice President, North America at INSTANDA explores the challenges of time, money and three more hurdles facing insurance CIOs when they tackle major digital transformation projects.
But the role is changing. According to a 2020 Insurance CIO survey by KPMG and Harvey Nash, 60 percent of insurance technology leaders think the COVID pandemic has increased their influence on the business. In addition, 70 percent believe the crisis has increased collaboration between the IT and business teams.
The modern insurance CIO now wants to leave a positive legacy for their strategy to be truly transformational. To do so, their strategy needs to tune into the wider objectives and pain points of the organization. It needs to tear down the walls of the IT department and collaborate with other leaders to navigate market uncertainty, fierce competition and an ever-evolving technology landscape. Technology has become pivotal to the success of a digital-age insurer, putting the spotlight firmly on the CIO to balance five key challenges complicating the technology implementation process.