PlumBot: Bot: Creating new article from JSON

2026-03-14T16:07:43Z

Bot: Creating new article from JSON

New page

💻 '''Information and communication technology (ICT)''' encompasses the hardware, software, networks, and digital infrastructure that insurers rely on to underwrite policies, process [[Definition:Claim | claims]], manage [[Definition:Policyholder | policyholder]] data, and communicate with distribution partners and regulators. In an industry built on data — [[Definition:Actuarial science | actuarial models]], [[Definition:Policy administration system | policy administration systems]], electronic [[Definition:Bordereaux | bordereaux]] exchanges, and real-time [[Definition:Telematics | telematics]] feeds — ICT is not a support function but the operational backbone. Regulatory bodies increasingly treat it as such: the European Union's Digital Operational Resilience Act (DORA), for example, imposes specific ICT risk-management and incident-reporting obligations on insurers and their critical technology providers, recognizing that a failure in one firm's systems can cascade across the broader financial sector.

🔧 Within insurance operations, ICT spans everything from legacy [[Definition:Mainframe | mainframe]] platforms that still process large volumes of [[Definition:Personal lines | personal-lines]] business to cloud-native [[Definition:Insurtech | insurtech]] platforms that enable embedded distribution and straight-through [[Definition:Underwriting | underwriting]]. Carriers depend on resilient ICT to run [[Definition:Catastrophe model | catastrophe models]], feed data into [[Definition:Reinsurance | reinsurance]] placements, and comply with reporting requirements under regimes as varied as the [[Definition:National Association of Insurance Commissioners (NAIC) | NAIC's]] data calls in the United States, [[Definition:Solvency II | Solvency II]] Pillar III disclosures in Europe, and the Monetary Authority of Singapore's technology risk guidelines. When a third-party [[Definition:Managing general agent (MGA) | MGA]] or [[Definition:Third-party administrator (TPA) | TPA]] processes data on behalf of a carrier, ICT governance extends contractually through [[Definition:Outsourcing | outsourcing]] agreements, making vendor risk management a core competency for modern insurance enterprises.

🌐 The strategic importance of ICT in insurance has intensified as the industry digitizes distribution, adopts [[Definition:Artificial intelligence (AI) | artificial intelligence]] for [[Definition:Claims handling | claims handling]], and integrates [[Definition:Application programming interface (API) | APIs]] to connect ecosystems of brokers, carriers, and service providers. Operational disruptions — whether from cyberattacks, system outages, or failed technology migrations — can halt premium collection, delay claims payments, and trigger regulatory sanctions. As a result, ICT resilience, cybersecurity posture, and technology modernization have moved from the IT department's concern to standing agenda items at the [[Definition:Board of directors | board]] level, shaping strategic decisions about capital allocation, partnership structures, and competitive positioning across global insurance markets.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Insurtech]]
* [[Definition:Cyber insurance]]
* [[Definition:Policy administration system]]
* [[Definition:Digital Operational Resilience Act (DORA)]]
* [[Definition:Application programming interface (API)]]
* [[Definition:Operational risk]]
{{Div col end}}

Definition:Information and communication technology (ICT) - Revision history

PlumBot: Bot: Creating new article from JSON