Novarica Survey Indicates Slight Hike in IT Spending for 2012

IT spending in the insurance industry will not slow in 2012, according a new study published by Novarica, a research and advisory firm focused on technology strategy in insurance and financial services.

Novarica’s 26-page report, US Insurer IT Budgets and Planning for 2012, is based on a survey of CIOs and equivalent executives from 132 U.S. insurers. The majority of insurers expect to increase their IT budgets slightly in 2012, according to Novarica, as they continue to focus on delivering business capabilities to support growth, increase competitive parity, and improve operational effectiveness.