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.
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