More than 70 percent of insurers will increase spending on IT projects into 2015, according to “IT Budget and Spending Realities and Trends in the North American P&C Insurance Industry,” a report from Strategy Meets Action. And, 15 percent of those surveyed said additional spending for IT-related projects would exceed 10 percent of the total IT budget; another 5 percent said they expect outside expenditures to exceed 50 percent of budgeted IT spending.
“There’s the IT budget, the salaries and software costs and small acquisitions,” Smallwood said. “But when you do really big IT projects, like core systems, it’s outside the IT budget and more IT spending, and that number just keeps growing,” said Deb Smallwood, Strategy Meets Action (SMA) founder and author of the report.
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