The insurance industry is rapidly embracing service-oriented architecture, according to new TowerGroup research conducted in partnership with ACORD.
TowerGroup interviewed senior leadership executives at over 12 carriers and conducted over 150 hours of data gathering and analysis across the industry, covering property & casualty, life & annuity and reinsurance.
The study found that the industry is moving forward quickly with the adoption of service-oriented architecture (SOA), web services and standards. Insurance carriers view SOA as an evolution of their prior technology advances, and web services are seen as a critical technology for implementing SOA.
One of the most compelling findings, according to Deb Smallwood, managing director of the TowerGroup Insurance practice, is a gap between the insurance carrier’s requirements and what is perceived to be available in the market place. Whether this perceived gap is accurate or not, carriers are moving forward.