Ninety-one percent of executives for life insurance companies in North America plan to increase or hold their IT budgets steady in 2011, according to a survey conducted by LOMA and SMA Strategy Meets Action.
The report, “Riding the Wave: Insurer Technology Spending, Drivers, and Approaches,” focuses on the technology spending trends among life and annuity insurers in North America. It analyzes where insures are spending money, and what is driving technology investment decisions. The study examined insurers by tier, uncovering significant differences in business drivers, IT spending patterns and development philosophies based on organizational characteristics. The report is part of a series of studies conducted by SMA to examine the insurance ecosystem and investigate the alignment of technology spending and solutions.
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