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April 5, 2006 Industry IT Spending Profile 2006: Insuranceby Marc Cecere, Andrew Bartels with Bruce D. Temkin, Adele Sage |
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Executive Summary
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.
TABLE OF CONTENTS
- New Investments Drive An Increase In IT Spending Within Insurance
- Efficiency And Business Value Are Primary IT Priorities
- Outsourcing Increases, But With Little Interest In Offshore Or BPO
- SOA For Transformation, Integration, And Legacy Renewal
RECOMMENDATIONS
- Insurers And Vendors Need An SOA Plan Of Attack
- Related Research Documents
This is an excerpt
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