Given a $3 million-to-$5 million bump in budget, almost one-third of insurer CIOs would put the money toward analytics, despite already investing heavily in that area, according to “If I Had $5 Million… Where Insurer CIOs Would Spend Money They Don’t Have and Why,” a survey from Novarica.
For insurers with less than $1 billion in annual premium, the second most popular item on wish lists is core systems projects (27 percent), according to Novarica, suggesting the industry can expect continued high volumes of activity in this area when business conditions improve and budget is available. IT capabilities and infrastructure also were popular (14 percent), and one-in-five insurers said they would invest in mobile capabilities to improve both the customer and agent and experience.
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