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IDC: Insurer IT Spending Slumped In 2002

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NU Online News Service, May 22, 2003, 11:45 a.m. EDT – U.S. insurers spent about $19.7 billion on information technology in 2002, 8% less than they spent in 2001, according to International Data Corp., Framingham, Mass.

IDC is predicting insurance company technology spending will increase 1.6% this year, with spending increasing more at life and health insurers than at property-casualty insurers.

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The projects most likely to attract funding will be those that have a direct, immediate effect on efficiency and profitability, IDC says.