A new consulting firm report concludes that the current financial crisis will inhibit growth in insurance information technology (IT) initiatives slightly, but will also present new opportunities.

Boston-based Celent announced the findings in a report–"Bad News on the Street: Insurance IT Strategy and the Financial Crisis"–which looks at the global financial crisis and what it means for insurers' IT strategies.

The firm said IT spending will not reach a level of up to 3 percent it earlier projected.

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