There is technology spending headed for the insurance industry in 2010? After surveying insurance IT leaders for a new report for Novarica, Matt Josefowicz, insurance director for the research firm, found some good news.
"By and large, most companies–especially midsize P&C companies–are ramping up their IT budgets and really focusing on creating new capabilities for growth and improved operational efficiencies," says Josefowicz.
A good number of life/annuity companies were battered by the economic crisis of the past year and find themselves in either a holding pattern or recovery mode, Josefowicz points out. "But even some of those that were hit the worst did a lot of their cutting in 2009 and are prepared for a stronger 2010," he says.
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