Yes, insurers have been painted as slow adopters of new technologies, and yes, in many companies, the reputation is well earned. But accepting this picture at face value is like seeing the world in black and white. Tangible strategic IT spending and implementation have been going on–even without significant budgetary increases–and have added a lot of gray to this perhaps now somewhat outdated image.

Just take a look at IT activity today. According to a Celent survey, top areas of significant new project spending include initiatives focused on underwriting, claims, product development, and data mastery. Dollars also are going to document handling, policy administration system replacement, ACORD XML adoption, agent portals, and BPM.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.