Insurers upping IT spend to unlock digital potential claims CSC boss
Insurance companies are starting to “unlock” their inner digital insurer according to CSC’s insurance boss.
Speaking to Postonline, the firm's sector general manager Patrick Molineux said: "There has been a meme in my 30 years in insurance of IT budgets going down. But we are starting to see [that reversing] and there is a shift and change of emphasis from IT departments having to spend on run, to starting to spend a bit more on change, and innovation.
"And that is the first time we have seen the amount [spent] on keeping the light on reducing".
Molineux was speaking on the back of a white paper "Spend a pound, to Save a Pound," that CSC conducted in association with Post.
He added: "If you go back a few years insurers were looking at application modernisation, but that was around cost reduction. But now we are [starting to] see a recognition of the need to unlock digital insurance.
"Your differentiator here is your data, but where is that data? It is in your legacy platforms. And unless you modernise them, how do you access that data and present it through your digital channels."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Technology
Canopy placed into administration as Lettings Hub buys business
Canopy, formerly Insure Street, a rental market technology firm of which Direct Line Group is a shareholder, has appointed administrators ahead of a management buyout.
Three UK insurers to launch ChatGPT apps
Three UK insurance companies are in the approval process with OpenAI for artificial intelligence ChatGPT apps.
Diary of an Insurer: Axa’s Brendon Moodley
From 5am gym sessions to steering major technology initiatives, Brendon Moodley, head of data platforms and product delivery at Axa UK, blends discipline, leadership and family time that includes watching Disney films that sometimes leave him holding back tears.
Enter Best Insurance Employer 2026 today
If you work for one of the greatest employers in the insurance industry and want to shout about it, make sure you complete Insurance Post’s Best Insurance Employer survey today.
AI voice agents can now be insured like employees
Artifical intelligence voice agent platform ElevenLabs has gone live with an insurance policy covering AI voice agents.
Admiral buys Flock for £80m
Admiral Group has bought commercial fleet insurtech Flock for £80m, subject to regulatory approval.
Does Blueprint Two still matter to the Lloyd’s market?
Following rumours Lloyd’s shelved Blueprint Two after years of delays, Insurance Post asks if the market still needs the programme when both businesses and technology have changed drastically in the seven years since its inception.
Q&A: Andy Wright, Resnova
Andy Wright, co-founder of a new consultancy firm, Resnova, speaks to Insurance Post about his time at Tesla and Zego, why he wanted to set up a consultancy firm, and why he thinks the next wave of insurtech funding could be coming from China and the Middle East.