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After Years of Cuts, Insurance IT Budgets Set to Grow Through 2017: Ovum

Insurers have generally cut IT budgets over the past five years, due mostly to the economic downturn, but a comparatively brighter outlook now should spur growth in IT investments over the next five years with a particular focus on expanding digital channels.

By Phil Gusman | Updated on September 17, 2013

Insurers have generally cut IT budgets over the past five years, due mostly to the economic downturn, but a comparatively brighter outlook now should spur growth in IT investments over the next five years with a particular focus on expanding digital channels, a research and consultancy firm says.

In a report, “Insurance Sector IT Priorities & Spending Forecast to 2017,” Ovum says that “the steady improvement in written new business across most global markets means insurers are shifting from a primarily ‘maintain as-is’ stance toward a cautious re-investment in strategic IT projects.”

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