Survey: U.S. insurers gearing up for growth, tech advancement

Nearly half (48 percent) of respondents have the "strategic sourcing of talent" as the second highest priority, their aim being to increase efficiency, cost savings and competitiveness.

About 40 percent of respondents say their level of business process outsourcing (BPO) engagement will increase. Of the above percentage, more than half (53 percent) say they will increase IT outsourcing. And almost a third (32 percent) will outsource back-office services this year, including policy and claims administrative duties.

Based on this study, technology investment is a clear priority for an industry widely considered to be a relative laggard in this area.

• 67 percent of respondents say they expect their company's IT budget to increase this year with 44 percent significantly increasing it (6-10 percent increase or more).
• Investment in technology is the number one priority for 60 percent of respondents while 86 percent ranking technology as the first or second priority.
• 39 percent of respondents select mobility as the first or second priority; claims investment is second as the top priority with 16 percent of respondents.
• The report adds that big data/analytics and mobile apps are investment priorities, but e-placing platforms are also receiving attention.
• In terms of claims technologies, respondents most value predictive modeling/analytics (42 percent) and big data (25 percent) as focus areas.
• 36 percent of respondents say big data/analytics will have the highest likelihood of an increased investment this year, while more than a quarter (27 percent) expect mobile applications to get a boost.
• Only 8 percent rank cyber security technology as the most valued.
• Though early in development, interest in e-placing platforms is growing with 45 percent of respondents saying it is a first, second or third priority.

When asked for the biggest opportunities in 2014, 75 percent of respondents rank engaging customers in new ways as a first or second priority. This conclusion "most likely speaks to the tremendous interest in Big Data and mobile apps," the report states.