Novarica just released its Insurance Information Technology 2011 report and to no one's great surprise core systems rank at the top of the to-do list for insurers. All the major consulting groups annually look at priorities for IT spending and the only suspense would come if one of them did not include core solutions at the top of the list.
The industry has had some distractions the last few years and that meant some projects had to be put aside—at least temporarily.
We'd all like to think that the sharpest strategists in the industry took that time to invest in their core solutions. I'm sure all those key leaders recognized this was an excellent opportunity to gain a competitive advantage in the market, but the reality is caution was in the air and spending millions on system replacements in the midst of a recession proved to be a test of an insurance carrier's risk management capabilities.
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