The current mind-set of most P&C insurers in India is to utilize technology as a tool to realize efficiencies and streamline operations at the same time, keeping the focus on growth and reduction in costs, according to a new report from Celent. The sector is expected to invest close to US$1.43 billion in technology by 2014.
The analyst firm also expects a 36% increase in technology spending between 2010 and 2011, and 23% between 2011 and 2012 as businesses in the sector see stronger growth in revenues. Much of this technology spending is going to come from the private sector players as they expand operations and increase their customer base. According to the report, “P&C Insurance Technology Trends in India,” a majority of P&C insurers in India are spending in the range of 8% to 12% of their GWP on technology investments. There has been a healthy growth in technology spending in the P&C space, at the rate of 20% in the past five years.
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