April 5, 2006

Industry IT Spending Profile 2006: Insurance

by Marc Cecere, Andrew Bartels

with Bruce D. Temkin, Adele Sage

Executive Summary (This is a document excerpt)

Given the overall business environment, we expect that IT spending in the insurance industry will increase by more than 6% this year. The primary priorities for these IT budgets are the needs to reduce costs, comply with government regulations, and upgrade security. To accomplish these goals, insurers are updating their processes and systems, institutionalizing compliance, and selectively outsourcing back office applications. Underpinning these changes is a significant move by the insurance industry to adopt service-oriented architecture (SOA), far outpacing adoption levels in other industries. To capture the benefits they expect to see from SOA, insurers and vendors need to upgrade their efforts.

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