IT budgets will be on the rise across nearly the entire insurance industry landscape, according to a new report from Novarica. This seems to result from a poignantly honest view of internal operations, as on average, insurers rated nearly half of their systems as below “acceptable” standards—particularly in the areas of consumer portals and customer relationship management (CRM).
The study, intended to serve as an IT forecast for next year, dives into motivating factors and IT to-do lists of insurers of all shapes and sizes. Novarica’s study, “US Insurer IT Budgets and Projects for 2012,” surveyed 132 insurance CIOs and senior IT executives in the month of September. The pool represents a broad cross-section of U.S. property/casualty and life/annuity insurers, and breaks down results by size and industry.
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