Celent is seeing similar spending patterns to last year, but Craig Weber, senior vice president and head of the insurance practice, believes carriers will be investing in areas of growth and IT spending.
"The same rough estimates seem to apply—three to five percent of direct written premium is typically spent on IT—with little less for life, a little more for P&C," says Weber. "That's also a little less for tier one–$5 billion-plus insurers—and a little more for everybody else."
Weber maintains it is difficult to compare spending year to year because there can be big swings when a carrier does a policy administration project one year.
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