Top 10 IT Spending Targets For Insurers
February 23, 2016 12:30 AM
SMA has released its 2016 Insurance Technology Priorities and Spending report, which details several strategic decisions insurance carriers are making with their IT budgets. Among these is information about where IT budgets are increasing, ranked by percentage of the 116 survey respondents who reported increased spending. Read on.
New business: 59% of insurers plan to increase their IT budget this year. "New business/underwriting and product development remain as the two areas where technology budgets are increasing the most," SMA writes.
Product development: 55% plan an increase
Policy services: 51% plan an increase
Distribution/sales management: 48% plan an increase
Marketing: 47% plan an increase
Claims: 34% plan an increase
Enterprise services: 17% plan an increase
Asset/investment management: 16% plan an increase
Reinsurance: 10% plan an increase