Matt Josefowicz isn't seeing anything particularly new for insurance technology spending in 2011.
“We're seeing a continuation of what we've seen previously,” says Josefowicz, head of the insurance practice at Novarica. “With the exception of the largest companies over $1.0 billion in direct written premium—those companies are most likely to keep their budgets relatively flat—by and large most companies are expecting to increase their budgets somewhat,” he says. “Companies below $100 million in premium on the P&C side we see more of a split. Some are expanding and some are contracting. It's fairly even for that very small segment.”
Josefowicz explains the large carriers on both the property/casualty and life/annuity sides don't feel the pressure to spend more on technology.
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