Celent research: global IT spending by insurance companies will reach US$184.8 billion by the end of 2017. Three overarching trends — digitalization, data analytics, and legacy and ecosystem transformation — still dominate investment. Different geographical markets are at different states of maturity. Developing markets remain aggressive in their focus on new platform acquisition and technology in support of sales distribution. More mature markets are characterized by agendas of digital transformation and modernization.
“In a few markets globally, we have seen a slight reduction in IT spending this year. Generally, the more mature markets remain under pressure to demonstrate value through efficiency,” Senior Vice President Jamie Macgregor told Digital Insurance.
“Digitisation and, increasingly, analytics are a dominant piece of the technology investment agenda, with a clear focus on the front end of the business in sales and distribution,” he added.