As has been the case for the past few years, insurers' 2012 IT budgets are projected to be here, there and everywhere. Some predict a flat budget, some a decreased budget, and a few predict increased IT spend. The one aspect of IT budget development that insurers appear to have in common is that CIOs and IT execs are experiencing a closer budget collaboration process with the business. While IT has for years relied on the mandates of the business, the need to work together has become more apparent, as a rocky economic environment, a fresh focus on business growth, and rapidly changing technology place growing demands on the insurance IT department.
Conducted from October 2010 to January 2011, an IBM-backed study of 3,000 global information leaders-223 of which were CIOs representing the insurance industry-revealed that CIOs are focused on employing technology that will help their businesses grow, versus simply gaining efficiencies or cutting costs.
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