Insurance technology spending is high.
In April 2015, Celent estimated that the global insurance technology spend would top US $181.6 billion by the end of 2016. This spending would include a combination of standard modernization, keeping legacy systems alive and well, supporting infrastructure projects, and (increasingly) building digital and data frameworks.
Core insurance platforms are clearly a necessity, and without them, insurance operations of any size simply could not function. For that reason, many insurers remain focused upon upgrading or maintaining their core systems — convinced that it is the right thing to do in order to thrive and grow. In most cases this is certainly true.
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