Surveys of insurance IT leaders conducted by Strategy Meets Action show 91 percent of carriers on the life/annuity side are keeping spending levels flat or showing a slight increase. On the property/casualty side, 83 percent reported flat spending or slight increases, according to Deb Smallwood, founder of SMA.
The good news for the industry is those numbers are slightly higher than a year ago at this time, notes Smallwood. Although the propensity of life/annuity companies is to spend less on IT than their property/casualty contemporaries, Smallwood notes the life/annuity side got hit harder by the economic downturn in 2008.
The life/annuity side appears to be recovering faster, points out Smallwood, because they don't have the soft market situation the P&C carriers have to deal with.
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