Economic challenges continue to plague insurers, affecting their day-to-day decisions, their corporate objectives and even as their budget projections for 2010 and beyond. With IT budgets are flat or slightly up, this leaves CIOs with even more important decisions to make and policies to set. CIOs, tech vendors and industry experts gathered at IASA’s annual EDGE conference mid-September to share their thoughts about these issues.
At one of the IASA EDGE Executive Discussion Breakout Sessions, Steven Boyd, CIO of Arrowhead General Insurance Agency, led a candid discussion among a group of insurance technology professionals trying to tackle economic and business challenges affecting IT spend. While the majority of the industry experts who attended the conference expect 2011 budgets to go up, they confirmed that 2010 budgets will remain the same, and where they spend that limited amount of money will vary. Matthew Josefowicz, director of insurance at Novarica, said IT is taking on projects that have quick return, and is heavily evaluating systems and processes right now.
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