In the early part of this year, we saw more insurers turning toward, not away from, technology in midst of the crisis. While many insurers had adjusted their strategies, most remained committed to solving their key strategic needs of improving customer and distributor service, achieving faster time to market, and using enterprise data to make better decisions in marketing, product design, risk management and operations through continued technology investment.
In general, 2009 has turned out better than expected for P&C insurers, and worse than expected for life/annuity/health insurers when it comes to IT budgets, with the former enjoying strong underwriting ratios and the latter dealing with investment losses and rapid declines in demand.
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