New research from CGI Group Europe reveals the Financial Services Authority's (FSA) abolition of polarisation rules will significantly impact IT strategy of UK insurers.
The report, "Issues Affecting IT Deployment in the UK Insurance Sector," shows 72 per cent of insurers believe that FSA changes to disclosure and depolarisation will result in the need to revise existing software, with half of the respondents declaring that it will generate additional software requirements. Around four out of ten insurance companies expect the latest legislative changes to impact their businesses within six months.
The research was carried out by independent research company Metrica on behalf of CGI Group Europe. One hundred major UK-based general and life and pension companies were interviewed both by telephone and face-to-face.
Paul Thornton, business solutions manager, CGI Group Europe, comments: "The research highlights that the integration of multiple providers will have a significant impact across the range of front and back office functions. However...it is also about amalgamating multiple providers' business processes into one coherent sales and service model. Once this challenge has been understood, insurers can then begin to effectively integrate and revise their software."