More than 50% of insurer CIOs are planning to upgrade reporting, data repositories and analytics capabilities in 2015, according to Novarica's "U.S. Insurer IT Budgets and Projects 2015," a survey of 88 insurer CIOs.
Business intelligence is the most active area for enhancement, while core policy administration is the No. 1 priority for replacement.
And as for emerging technology, software-as-a-service, tablets for internal users and social marketing are the most active areas for current and planned deployment. However, the P&C industry falls behind its life and annuity counterparts in this area.
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