With regulatory deadlines fast approaching, an increased focus on compliance is driving the top three trends in IT solutions for the insurance sector, according to Northdoor, a leading IT consultancy specialised in the insurance and financial services sectors.
The top trend identified was the growing popularity of ‘business intelligence’ solutions that enable firms to make informed decisions with accessible, accurate and high quality data. Many firms were also looking for integrated reporting capabilities in order to satisfy their regulatory requirements.
Greater use of ‘workflow management’ solutions has been cited as the second big trend for this sector, as insurers realise the need to optimise their key processes and make sure that they are consistently adhered to.
Northdoor also revealed that regulatory compliance has helped to drive demand in portals and collaboration tools, which provide a way of supporting the ‘human element’ that is needed to facilitate all of a firm’s core compliance initiatives.
In fact, the consultancy firm reported a 40% increase in Microsoft SharePoint demand over the past 12 months, as insurance firms continue to look for easier and more efficient ways of managing documents and processes across multiple geographies. With the increasing globalisation of markets, insurers are looking for more effective tools to help facilitate compliance as well collaboration, and SharePoint has gained popularity due to its versatility.
Rob Stavrou, director of consultancy at Northdoor, said:
“Without a doubt, the on-going challenges associated with regulatory compliance are driving the latest IT trends in the insurance sector. As such, we have seen significant peaks in business intelligence, workflow management and collaboration solutions.”
“Firms are now starting to realise the benefits of these technology solutions, such as increased productivity and control that extend far beyond their original expectations. However, there is still an enormous amount of untapped potential in terms of utilising technologies to increase a firm’s competitiveness and operational efficiency in the global markets.”
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