While the down economy may still be suppressing budgets within the life and health insurance industry, a new study finds information technology (IT) is about to get a boost in spending.
A survey jointly conducted by industry trade group LOMA, Atlanta, and business research firm Strategy Meets Action found 91% of North American life insurance executives plan to increase IT spending in 2011.
The report analyzes tech spending trends among North American life and annuity insurers. The study examined insurers by tier, uncovering significant differences in business drivers, IT spending patterns and development philosophies based on organizational characteristics.
The study found insurers will continue to see IT as a key investment worthy of additional resources.