Most life insurers that care enough about technology to participate in Novarica surveys are maintaining or increasing their information technology budgets.
Novarica — a Boston-based insurance technology research firm — has reported that finding in a summary of results from a recent survey of 135 large and midsize insurers.
Novarica released a little data from the survey to get insurers and others interested in buying the full report.
The sample included 16 midsize life and annuity issuers and 20 big life and annuity issuers.
All of the participating companies participate in Novarica’s own insurtech research council. Novarica polled them after the COVID-19 pandemic was already a force to reckon with.
When Novarica asked about IT budgets, 48% of the property and casualty insurers, and 66% of the life insurers, said they were sticking with, or expanding, their original IT spending plans.