67% expect IT budgets to increase, top priorities mobile and claims investments

Xchanging plc. released its 2014 Insurance Technology and Spending Trends Report, a survey encompassing responses from 75 insurance industry practitioners. The 15-question survey was designed to explore insurance industry technology and spending tends, but the findings reveal a number of opportunities and challenges for insurance professionals.

According to the Bureau of Labor Statistics, nearly half of the industry’s workforce is age 45 or older, pointing to a shrinking talent and labor pool. However, only 11% of respondents ranked attracting qualified talent as a top challenge for their agencies. Approximately a third of survey respondents stated that talent acquisition is lower on their list of priorities.