Paris — Like a ship battening down its hatches in front of an approaching gale, European insurers are beginning to alter their IT spending in order to prepare for the storm known as Solvency II.
With the implementation phase of the European Union regulations on the horizon, insurers are assessing the risk management and compliance tools at their disposal, says Nicolas Michellod, a senior analyst at Boston-based Celent. Michellod says Celent research indicates the average amount of money spent on compliance as a part of overall new IT spend for European insurers has risen from 4% to 7% over the last year.
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