In insurance technology, it often seems that the more things change, the more they stay the same. Despite the rapid changes in technology across the economy, the main story of 2014 when it comes to insurer IT budgets and project priorities is one of continuity. However, the rapid changes in the context in which insurers are operating are having an effect on strategies and priorities as well.
For more than half of respondents in Novarica's annual study of budgets and projects for the coming year, the top two highest priority projects for 2014 were the exact same as for 2013. Not surprisingly, long-term project priorities don't change abruptly just because we move from December to January. Enabling insurance business operations through technology presents a complex set of well-known problems. Most insurers have a long list of business capability needs, much longer than can be addressed in a single calendar year.
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