Analyzing the efficiency and effectiveness of IT operations presents a tremendous challenge for most executives. We provide meaningful and relevant comparative data on IT expense and staff management that is note publicly available and cannot be replicated internally.
Actionable Data and Insights for IT
IT systems in the insurance industry continue to be heavily legacy based. Many companies are facing massive technology initiatives while being challenged to both manage the associated costs and maintain efficient operations. More than ever, we hear company leaders asking:
- Are our IT expenses too high?
- What is the cost benefit for changing our IT systems?
- Are we staffed appropriately to be cost effective and efficient?
- Should we outsource any of our IT functions?
- What is the return on investment for our new systems implementations?
Proprietary software helps map each participant’s data into a common framework. In-person interviews ensure the integrity of the data source. Results compared to data from other participating companies provide meaningful and actionable apples-to-apples performance measurements.
Industry-Specific Comparisons to Measure Your IT Operations
Ward benchmarking solutions are specific to the insurance industry. Our IT benchmarking program delivers data that empowers you to:
- Assess IT resource levels, consulting, hardware and software expenses, and operating practices compared to the IT function at other insurance companies
- Analyze the level of capital expenditures and discretionary versus nondiscretionary spending
- Optimize the cost and effectiveness of the IT operation
- Evaluate system platforms and IT practices against other insurance companies to determine the consistency of IT investments and the results of those investments
A Structure Specific to Information Technology
We dive deep into your IT operations to deliver meaningful and actionable data. Our IT benchmarking program includes three level of analysis for a holistic perspective of IT performance across the organization.
Analysis of 19 Functional Levels
- Desktop Support
- Help Desk
- Network Administration
- Mainframe Support
- Server Support
- Applications Architecture & Design
- Application Development
- Application Maintenance
- Quality Assurance / Testing
- Data Warehousing and Reporting
- Document Management / Imaging
- Project Management Office
- Database Administration
- Information Security
- Website Administration
- Business Continuity / Disaster Recovery
- Financial Management
Analysis of Business Units Supported by IT
- Sales and Distribution
- Personal Lines / Individual Insurance
- Commercial Lines / Group Business
- Human Resources
- Billing and Collections
- Other: General, Actuary, and Investment
Analysis of Major Systems Platforms and Practices
- Number of Products / Jurisdictions Supported
- Number of Core and Other Primary Systems
- Vendor versus Homegrown Platforms
- Age of Systems
- Systems Investment Strategies
- Build versus Run Budgets
- Capitalization Policies
- Virtualized Devices
- Cloud Use
- Other Related Topics
Note: Level 3 analysis specific to property-casualty.
Survey Pricing, Access, and Support
Fees for Ward benchmarking programs vary based on company size, as well as the product and complexity of the organization.
All clients are assigned a dedicated relationship manager to provide benchmarking support during the data collection process. We provide a variety of expense and rewards advisory solution to assist clients with their financial, performance, and talent strategies.