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  5. IT Spending in Insurance: A Global Perspective, 2017

IT Spending in Insurance: A Global Perspective, 2017

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5 April 2017
Jamie Macgregor
KyongSun Kong
Juan Mazzini
Karen Monks

Abstract

This report analyzes regional IT spending patterns of insurance companies and presents a high-level view of the insurance global market. It examines estimates for IT budgets based on premium growth as well as the impact of technology on strategic and business trends.

Celent has released a new report titled IT Spending in Insurance: A Global Perspective, 2017. The report was written by Jamie Macgregor, Juan Mazzini, Karen Monks, and KyongSun Kong, analysts with Celent’s Insurance practice.

Using IT spending as a percentage of premium, Celent estimates that global IT spending by insurance companies will reach US$184.8 billion by the end of 2017. Three overarching trends — digitalization, data analytics, and legacy and ecosystem transformation — still dominate investment. Different geographical markets are at different states of maturity. Developing markets remain aggressive in their focus on new platform acquisition and technology in support of sales distribution. More mature markets are characterized by agendas of digital transformation and modernization.

"In a few markets globally, we have seen a slight reduction in IT spending this year. Generally, the more mature markets remain under pressure to demonstrate value through efficiency," commented Senior Vice President Jamie Macgregor.

"Digitisation and, increasingly, analytics are a dominant piece of the technology investment agenda, with a clear focus on the front end of the business in sales and distribution," he added.

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