The North American economy keeps showing signs of revival, and the “green shoots” that bravely sprouted through the rubble of the 2008-2009 financial collapse are now flowering trees and bushes. Accordingly, as recently noted in a Celent report, global information technology spending by insurance companies is growing as well, expected to grow up to six percent annually for the next two years, compared to an overall 1 percent decline last year. (Catherine Stagg-Macey, contributor here at INN, was co-author of the report.)

Celent says insurance companies will be spending a great deal of this new investment—close to half—on new technologies, versus standard maintenance of existing systems. There is a lot of pent-up demand within insurance companies, many of whom are still running legacy or home-grown systems and need to be able to progress into the digital economy.

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