Global insurance technology budgets expected to shrink 2 percent
Friday, April 21, 2017 11:24 AM
Insurers plan to spend most of their technology budgets on data and analytics, cloud storage and insurtech, according to new research from Celent, Digital Insurance reported. Worldwide technology spending by insurers is slated to reach $185 billion this year, according to the researcher's "IT Spending in Insurance 2017" report. That represents a 2 percent decrease year-over-year. North American carriers are a catalyst behind the drop in totaling spending in North America is expected to decline 6 percent to $73 billion, compared with Europe and Asia, whose tech spending habits are steadily rising. The dip is attributed to chief information officers' lower projections for IT investments as a percentage of premiums, Celent says.