Insurers are increasing the amount that they are investing into ICT services, says the research.
The results of a recent industry and insurance technology survey have shown that when it comes to ICT services, insurers are, on the whole, increasing their investments and are allocating more of their budgets into that area.
The report was called “ICT investment trends in insurance – Enterprise ICT spending patterns through to the end of 2015”.
This insurance technology trend data was based on the responses of 132 insurers with regards to their investments into information and communication tech (ICT). It showed the ways in which insurance companies are presently allocating their budgets within that category across all of its various components such as communications, software, hardware, IT services, and consulting.
The report found that the amount of insurance technology spending is increasing this year over last.
While the figure increased this year over last, the authors of the report have also predicted that it will continue to rise throughout next month, as well. A considerable number of insurance companies that participated in the study stated that they would be either slightly or significantly increasing their spending on ICT services.
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Many of the insurance providers called this type of investment one of its highest priorities, or their absolute highest priority. Several considered investment into ICT to be one of the top three IT projects that they faced this year.
What was made clear by the report is that ICT budgets are changing throughout this year when compared to last, and the overall size of those planned expenditures is only expected to rise throughout the near future. This will be an important factor for vendors to consider when they are approaching insurance companies with their products and services within that category.
This is a direct reflection of the growing importance of insurance technology within this industry, as data collection, data analysis and synthesis, online services, mobile, security, marketing, and other factors all increase in their importance in the everyday operations of insurers. The data that will become available at the close of this year will provide even greater understanding of the direction being taken in this trend.