US Insurers To Increase IT Spending for 2010, In Quest to Achieve Growth and Operational Efficiency: Novarica

Economic fears recede as Insurers plan IT spending for 2010

August 18 (New York) – US Insurer CIOs are focusing more on supporting growth and improving operational efficiency as they begin their 2010 planning, according to a new report from research and advisory firm Novarica ( based on a survey of 50 insurer CIOs and senior executives.

“Fewer insurers are focused specifically on dealing with the economic crisis than in previous polls,” notes Matthew Josefowicz, director of the insurance practice at Novarica and lead author of the report, US Insurers IT Spending and Budgets 2009-2010. “Except for firms that suffered heavy direct losses, most insurers are more optimistic as they plan for 2010, especially midsize property/casualty firms.”

According to the report, top projects for the rest of 2009 and 2010 include policy administration, business intelligence, and claims. Agent portals, consumer portals, underwriter tools and workflow, and predictive analytics are also being prioritized by some size/sector groups. The report contains tables of more than 30 different project areas and the percentages of participants who cite them as a top-three project for 2009 and 2010.

This report is based on a survey of 50 insurer executives, conducted during late July and early August 2009.

About Novarica

Novarica provides information, insights, and perspective on markets, operations, and technology to financial services and insurance executives and project teams. The company delivers its service through published research, retained advisory services, and project-based consulting. Novarica’s research includes market and trend analyses, best practices research, case studies, and independent analyses of software vendors including the Novarica Market Navigators™ and Novarica ACE (Average Customer Experience) Rankings. Novarica is a division of Novantas, LLC, the leading management consultancy and information services provider for the financial services industries.