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Insurers Need Tech ROI, But Can’t Afford To Be Left Behind

At a time when most insurers are desperate to lower expenses, the information technology department provides a tempting target. After years of relatively free-spending on big-budget tech projects–sometimes without any definite business process justification–many carriers are cutting back considerably, while making their chief information officers and vendors work a lot harder to secure funding to update or replace their tech infrastructure.

While insurers spent a considerable sum on IT last year–$19.7 billion–that represented a cut of 8 percent from 2001, according to IDC, a market intelligence firm. Although tech spending is expected to recover somewhat this year, budgets should only grow 1.6 percent, IDC added.

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