New technologies will give insurers improved data, better analytics and lower transactional costs through self-service. (Photo: iStock)

Insurance technology spending is high.

In April 2015, Celent estimated that the global insurance technology spend would top US $181.6 billion by the end of 2016. This spending would include a combination of standard modernization, keeping legacy systems alive and well, supporting infrastructure projects, and (increasingly) building digital and data frameworks.

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