The percentage of insurers planning to increase IT spending increased to 56 percent in 2013 from 40 percent in 2010, and 5 percent of insurers plan to increase IT budgets by more than 10 percent, according to “2013 Insurance Ecosystem: Insurer Technology Spending, Drivers, and Projects,” a white paper from Strategy Meets Action.
P&C insurers are spending in an effort to position themselves for growth, stay competitive and better manage profitability, SMA said. To accomplish those goals, they are modernizing core systems, automating underwriting and conjoining those efforts with investments in portals, business intelligence tools, analytics, big data and mobile.
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