Research and Markets Says Irish Sector Dependent on IT Infrastructure

July 12, 2005

Research and Markets( announced the addition of Irish IT Trends – Insurance Industry to their offering.

This report provides an insight into the Irish insurance industry with particular emphasis on key technology trends in the sector. Initially the report gives a background to the insurance sector in an Irish context and provide supporting business and technology data to ensure insight into the shape of the Irish insurance industry space.

The main body of the piece investigates a number of key business insurance issues and the technology implications for each of these. In order to produce this report data was drawn from a number of diverse sources. The research techniques used to gather this data can be divided into two classifications — report and document analysis and interviews.

The insurance sector in Ireland is one sector heavily dependent on IT infrastructure due to its security and risk management implications. It is also a highly competitive sector and therefore the onus is on participants to keep costs down. It is this school of thought which drives IT strategy in insurance today.

Insurance providers must discover new cost effective channels while maintaining their service driven approach through effective targeting enabled by strong CRM database administration. The advent of Basel II and the need for additional information will drive them to become more structured, formal and transparent about how they gather, maintain and mine highly granular information throughout the enterprise.

As a result, insurance companies will have to become more deliberate in the design of their IT infrastructures and more proactive to ensure they govern themselves for risk management.

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