Top 7 Insurance IT Spending Projects

Portals – both for the insured and distributors -- are a priority for all lines of business. Sixty-four percent of life insurers were planning some sort of upgrade for customer portals, and 44% were planning producer portal upgrades. On the P&C side, 48% of personal lines carriers were working on portals for policyholders, and 43% of commercial lines carriers have allocated budget resources for their agent portals.

Rating engines are the No. 1 area of investment for personal lines P&C insurers, with exactly 50% either planning replacements or enhancements (27% replacing). But even though more than half of commercial lines P&C insurers were replacing or enhancing rating, it wasn’t on the top of their list.

Policy administration projects are going on at 63% of commercial lines P&C carriers, the most common P&C project. Slightly more than one-third of personal lines P&C insurers are working on policy administration, with a quarter of them working on replacements.