Although insurance-technology budgets are increasing for 2014, spending ratios remain within historical ranges, and the overall trend for the industry appears to be continuity and incremental advancement rather than giant leaps forward, according to a recent report.
Novarica's report, "U.S. Insurers IT Budgets and Projects 2014," is based on a survey of 100 insurer CIOs and equivalent-level members of the Novarica Insurance Technology Research Council. The report concludes, "Despite the rapid changes in technology across the economy, the main story of 2014 insurer IT budgets and project priorities is one of continuity."
Supporting this assertion, Novarica points out that more than half of insurers in the survey plan to work on the same top-two priority projects as 2013.
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