August 2018 – IT Financial Management, or ITFM, is still an emerging capability at insurers. Most organizations do not have a formal process to track costs associated with IT systems and services; those who do often maintain a high-level record. Now, insurers’ IT organizations are turning their attention to dedicated ITFM platforms that provide cost details by IT service. In turn, the use of these platforms can help to communicate and demonstrate the value of IT applications.
This brief explores the drivers of ITFM platform adoption at insurers, their challenges, and key platform providers like Apptio, Nicus, and Oracle.