In spite of recession-related constraints on financial resources allocated to technology, there is still a proven demand for insurance IT. This puts the onus on CIOs, who for years saw annual increases, not decreases, in their IT budgets. Now forced to be creative in their efforts to economize, successful CIOs are rethinking their IT spend plans for the remainder of 2009 and into 2010, and approaching this difficult task by responding - not reacting - with a steady, thoughtful course of action. Somewhat surprisingly, their actions are also based on a measure of cautious optimism. That optimism is derived from taking a pragmatic approach to new and existing projects, setting realistic delivery lead times, and being able to communicate IT's inherent value as a business enabler. For some examples, read on.
It's not surprising that insurance IT departments are sick of hearing about recession-driven cost constraints. Having wrung just about every penny out of each and every corner of their operations, many are now being asked to re-evaluate yet again how and where the bulk of their IT dollars will be spent during the remainder of 2009.
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