Insurers are allocating 3.0 percent to 4.5 percent of its direct premium to its IT budgets in 2013, according to “2013 North America Insurance CIO Survey: Pressures, Priorities and Innovation.”
The report from Celent indicates that the year-over-year increase in insurers’ 2013 IT budgets was 6.3 percent, a robust increase the financial research and consulting firm said is somewhat greater than other surveys have reported. Celent also notes that at the low end of the scale, only about 15 percent of the 24, mostly P&C, CIOs that participated in the survey reported flat or negative year-over-year changes.
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