NU Online News Service, Feb. 4, 2:35 p.m. EST
North American insurers are beginning to feel a sense of urgency to leverage technology as “brutal competition” persists in the industry and IT strategies are being re-adjusted to reflect the new “sober realities” of the marketplace, according to a recent Celent report.
For North American insurers, IT spending in 2011 is expected to total $35.7 billion, up from $34.1 billion in 2010 and $33 billion in 2009. Of that total, 47 percent of the spending is expected to be on “new investments,” while 53 percent will be spent on “maintenance.” The percentage spent on new investments is expected to be higher than in 2010 (43.5 percent).
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