IT spending by property/casualty insurers will increase at a healthy rate, with much of the emphasis on e-commerce and claims processing technology, according to recent projections from TowerGroup.The Needham, Mass.-based consulting and research firm projects that IT spending will rise from $12 billion this year to $13.8 billion by 2003. That represents a compound annual growth rate of 5.3% for 2001 and 4.6% from 2001 to 2003.
TowerGroup projects that the largest spending growth will take place in technology supporting sales and marketing and claims processing, both of which are expected to have a compound annual growth rate of 6.1% through 2003. Included within sales and marketing is e-commerce.
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