Top 10 Companies in Canada Insurance Industry: IT Spending Predictor 2009

Introduction

This databook provides insight into the top 10 companies in Canada insurance industry in terms of their estimated IT spend.

Report Highlights
Highlights

The top 10 companies in Canada insurance industry in terms of estimated IT spending spent the largest portion of their IT budgets on hardware, a segment that accounted for about 32% of the IT budgets among these firms. This was followed by spending on software and services.

Among the top 10 companies, a major portion of IT spending is allocated to internal IT. External services include product vendors, local resellers, telcos, systems integrators and specialist outsourcers. Internal IT alone accounted for approximately 35% of the total estimated IT spending by these companies.
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TABLE OF CONTENTS
OVERVIEW 1
Catalyst 1
Summary 1
INTRODUCTION 9
Reasons to Purchase 9
Definitions 10
CANADA INSURANCE INDUSTRY: ESTIMATED SPENDING ON IT 12
Overview 12
Estimated spending by technology segment 14
Estimated IT spending by channel 16
MANULIFE FINANCIAL CORP 18
Budget overview 18
Manulife Financial Corp, estimated spending on IT 19
Manulife Financial Corp, estimated IT spending by channel 23
THE GREAT-WEST LIFE ASSURANCE CO 25
Budget overview 25
The Great-West Life Assurance Co, estimated spending on IT 26
The Great-West Life Assurance Co, estimated IT spending by channel 30
SUN LIFE FINANCIAL INC 32
Budget overview 32
Sun Life Financial Inc, estimated spending on IT 33
Sun Life Financial Inc, estimated IT spending by channel 37
WORKPLACE SAFETY & INSURANCE BOARD 39
Budget overview 39
Workplace Safety & Insurance Board, estimated spending on IT 40
Workplace Safety & Insurance Board, estimated IT spending by channel 44
INDUSTRIAL ALLIANCE INSURANCE AND FINANCIAL SERVICES INC 46
Budget overview 46
Industrial Alliance Insurance and Financial Services Inc, estimated spending on IT 47
Industrial Alliance Insurance and Financial Services Inc, estimated IT spending by channel 51
ING CANADA INC 53
Budget overview 53
ING Canada Inc, estimated spending on IT 54
ING Canada Inc, estimated IT spending by channel 58
WORKERS’ COMPENSATION BOARD OF BRITISH COLUMBIA 60
Budget overview 60
Workers’ Compensation Board of British Columbia, estimated spending on IT 61
Workers’ Compensation Board of British Columbia, estimated IT spending by channel 65
DESJARDINS FINANCIAL SECURITY LIFE ASSURANCE CO 67
Budget overview 67
Desjardins Financial Security Life Assurance Co, estimated spending on IT 68
Desjardins Financial Security Life Assurance Co, estimated IT spending by channel 72
ABC BENEFITS CORP 74
Budget overview 74
ABC Benefits Corp, estimated spending on IT 75
ABC Benefits Corp, estimated IT spending by channel 79
WORKER’S COMPENSATION BOARD ALBERTA 81
Budget overview 81
Worker’s Compensation Board Alberta, estimated spending on IT 82
Worker’s Compensation Board Alberta, estimated IT spending by channel 86
APPENDIX 88
Methodology 88
Further reading 89
How to contact experts in your industry 89
Disclaimer 89
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LIST OF FIGURES
Figure 1: Insurance industry, Canada, spending on IT ($m), 2008 and 2009 12
Figure 2: Insurance industry, Canada, estimated spending by IT segment ($m), 2008 14
Figure 3: Insurance industry, Canada, estimated spending on IT by channel ($m), 2008 16
Figure 4: Manulife Financial Corp, estimated spending by IT segment, 2008 19
Figure 5: Manulife Financial Corp, estimated spending by IT sub-segment ($m), 2008 21
Figure 6: Manulife Financial Corp, estimated spending on IT by channel, 2008 23
Figure 7: The Great-West Life Assurance Co, estimated spending by IT segment, 2008 26
Figure 8: The Great-West Life Assurance Co, estimated spending by IT sub-segment ($m), 2008 28
Figure 9: The Great-West Life Assurance Co, estimated spending on IT by channel, 2008 30
Figure 10: Sun Life Financial Inc, estimated spending by IT segment, 2008 33
Figure 11: Sun Life Financial Inc, estimated spending by IT sub-segment ($m), 2008 35
Figure 12: Sun Life Financial Inc, estimated spending on IT by channel, 2008 37
Figure 13: Workplace Safety & Insurance Board, estimated spending by IT segment, 2008 40
Figure 14: Workplace Safety & Insurance Board, estimated spending by IT sub-segment ($m), 2008 42
Figure 15: Workplace Safety & Insurance Board, estimated spending on IT by channel, 2008 44
Figure 16: Industrial Alliance Insurance and Financial Services Inc, estimated spending by IT segment, 2008 47
Figure 17: Industrial Alliance Insurance and Financial Services Inc, estimated spending by IT sub-segment ($m), 2008 49
Figure 18: Industrial Alliance Insurance and Financial Services Inc, estimated spending on IT by channel, 2008 51
Figure 19: ING Canada Inc, estimated spending by IT segment, 2008 54
Figure 20: ING Canada Inc, estimated spending by IT sub-segment ($m), 2008 56
Figure 21: ING Canada Inc, estimated spending on IT by channel, 2008 58
Figure 22: Workers’ Compensation Board of British Columbia, estimated spending by IT segment, 2008 61
Figure 23: Workers’ Compensation Board of British Columbia, estimated spending by IT sub-segment ($m), 2008 63
Figure 24: Workers’ Compensation Board of British Columbia, estimated spending on IT by channel, 2008 65
Figure 25: Desjardins Financial Security Life Assurance Co, estimated spending by IT segment, 2008 68
Figure 26: Desjardins Financial Security Life Assurance Co, estimated spending by IT sub-segment ($m), 2008 70
Figure 27: Desjardins Financial Security Life Assurance Co, estimated spending on IT by channel, 2008 72
Figure 28: ABC Benefits Corp, estimated spending by IT segment, 2008 75
Figure 29: ABC Benefits Corp, estimated spending by IT sub-segment ($m), 2008 77
Figure 30: ABC Benefits Corp, estimated spending on IT by channel, 2008 79
Figure 31: Worker’s Compensation Board Alberta, estimated spending by IT segment, 2008 82
Figure 32: Worker’s Compensation Board Alberta, estimated spending by IT sub-segment ($m), 2008 84
Figure 33: Worker’s Compensation Board Alberta, estimated spending on IT by channel, 2008 86
Figure 34: Research methodology 88
LIST OF TABLES
Table 1: IT segments and sub segments 10
Table 2: Channel definitions 11
Table 3: Insurance industry, Canada, estimated spending on IT ($m), 2008 and 2009 13
Table 4: Insurance industry, Canada, estimated spending by technology segment ($m), 2008 15
Table 5: Insurance industry, Canada, estimated spending on IT by channel ($m), 2008 17
Table 6: Manulife Financial Corp, IT budget estimates (%), 2008–09 18
Table 7: Manulife Financial Corp, IT budget by estimated entity (as % of overall IT budget), 2008 18
Table 8: Manulife Financial Corp, estimated spending by IT segment, 2008 20
Table 9: Manulife Financial Corp, estimated spending by IT sub-segment, 2008 22
Table 10: Manulife Financial Corp, estimated spending on IT by channel, 2008 24
Table 11: The Great-West Life Assurance Co, IT budget estimates (%), 2008–09 25
Table 12: The Great-West Life Assurance Co, estimated IT budget by entity (as % of overall IT budget), 2008 25
Table 13: The Great-West Life Assurance Co, estimated spending by IT segment, 2008 27
Table 14: The Great-West Life Assurance Co, estimated spending by IT sub-segment, 2008 29
Table 15: The Great-West Life Assurance Co, estimated spending on IT by channel, 2008 31
Table 16: Sun Life Financial Inc, IT budget estimates (%), 2008–09 32
Table 17: Sun Life Financial Inc, estimated IT budget by entity (as % of overall IT budget), 2008 32
Table 18: Sun Life Financial Inc, estimated spending by IT segment, 2008 34
Table 19: Sun Life Financial Inc, estimated spending by IT sub-segment, 2008 36
Table 20: Sun Life Financial Inc, estimated spending on IT by channel, 2008 38
Table 21: Workplace Safety & Insurance Board, IT budget estimates (%), 2008–09 39
Table 22: Workplace Safety & Insurance Board, estimated IT budget by entity (as % of overall IT budget), 2008 39
Table 23: Workplace Safety & Insurance Board, estimated spending by IT segment, 2008 41
Table 24: Workplace Safety & Insurance Board, estimated spending by IT sub-segment, 2008 43
Table 25: Workplace Safety & Insurance Board, estimated spending on IT by channel, 2008 45
Table 26: Industrial Alliance Insurance and Financial Services Inc, IT budget estimates (%), 2008–09 46
Table 27: Industrial Alliance Insurance and Financial Services Inc, estimated IT budget by entity (as % of overall IT budget), 2008 46
Table 28: Industrial Alliance Insurance and Financial Services Inc, estimated spending by IT segment, 2008 48
Table 29: Industrial Alliance Insurance and Financial Services Inc, estimated spending by IT sub-segment, 2008 50
Table 30: Industrial Alliance Insurance and Financial Services Inc, estimated spending on IT by channel, 2008 52
Table 31: ING Canada Inc, IT budget estimates (%), 2008–09 53
Table 32: ING Canada Inc, estimated IT budget by entity (as % of overall IT budget), 2008 53
Table 33: ING Canada Inc, estimated spending by IT segment, 2008 55
Table 34: ING Canada Inc, estimated spending by IT sub-segment, 2008 57
Table 35: ING Canada Inc, estimated spending on IT by channel, 2008 59
Table 36: Workers’ Compensation Board of British Columbia, IT budget estimates(%), 2008–09 60
Table 37: Workers’ Compensation Board of British Columbia, estimated IT budget by entity (as % of overall IT budget), 2008 60
Table 38: Workers’ Compensation Board of British Columbia, estimated spending by IT segment, 2008 62
Table 39: Workers’ Compensation Board of British Columbia, estimated spending by IT sub-segment, 2008 64
Table 40: Workers’ Compensation Board of British Columbia, estimated spending on IT by channel, 2008 66
Table 41: Desjardins Financial Security Life Assurance Co, IT budget estimates (%), 2008–09 67
Table 42: Desjardins Financial Security Life Assurance Co, estimated IT budget by entity (as % of overall IT budget), 2008 67
Table 43: Desjardins Financial Security Life Assurance Co, estimated spending by IT segment, 2008 69
Table 44: Desjardins Financial Security Life Assurance Co, estimated spending by IT sub-segment, 2008 71
Table 45: Desjardins Financial Security Life Assurance Co, estimated spending on IT by channel, 2008 73
Table 46: ABC Benefits Corp, IT budget estimates (%), 2008–09 74
Table 47: ABC Benefits Corp, estimated IT budget by entity (as % of overall IT budget), 2008 74
Table 48: ABC Benefits Corp, estimated spending by IT segment, 2008 76
Table 49: ABC Benefits Corp, estimated spending by IT sub-segment, 2008 78
Table 50: ABC Benefits Corp, estimated spending on IT by channel, 2008 80
Table 51: Worker’s Compensation Board Alberta, IT budget estimates (%), 2008–09 81
Table 52: Worker’s Compensation Board Alberta, estimated IT budget by entity (as % of overall IT budget), 2008 81
Table 53: Worker’s Compensation Board Alberta, estimated spending by IT segment, 2008 83
Table 54: Worker’s Compensation Board Alberta, estimated spending by IT sub-segment, 2008 85
Table 55: Worker’s Compensation Board Alberta, estimated spending on IT by channel, 2008 87
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