Either I've been involved in insurance just long enough or there really are exciting things happening in the industry. Granted, I'm not the average insurance professional with 20-plus-years' experience, but just over the past five of my eight years covering the industry, I've seen great progress in innovation and business and IT alignment, and I have big hopes for the next couple years.

Proof of progress: More than 70 percent of insurers will increase spending on IT projects into 2015, according to "IT Budget and Spending Realities and Trends in the North American P&C Insurance Industry," a report released in November by Strategy Meets Action. And, 15 percent of those surveyed said additional spending for IT-related projects would exceed 10 percent of the total IT budget; another 5 percent said they expect outside expenditures to exceed 50 percent of budgeted IT spending.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access