With technology rapidly transforming the insurance and asset management industries, AXA Strategic Ventures is investing in its digital strategy to better understand the emerging trends in IT development. AXA Strategic Ventures specifically asked the Capstone team to show how IT budget for a select group of companies have shifted in recent years, including how these companies allocate resources for cyber security, big data, infrastructure, mobile marketing, social media and other top priorities.
In addition to in-person interviews, the team surveyed over 100 IT executives, including from Morgan Stanley, Guardian, AIG, Anthem Insurance, and Prudential. After analyzing the interviews and survey results, the team presented recommendations for an innovative data strategy focused on partnerships, workforce empowerment, and organizational and investment reprioritization. Lastly, the team’s findings show that big data is particularly challenging for this sector because of legacy IT systems, recruitment challenges, organizational silos, and stringent regulations.