Insurance companies to spend Rs 130 bn on IT in 2015

|April 29, 2015 0
Image courtesy of Stuart Miles at freedigitalphotos.net
A 10.4 percent increase over 2014, according to Gartner

BANGALORE, INDIA: Indian insurance companies are expected to spend 130.4 billion rupees on IT products and services in 2015, a 10.4 percent increase over 2014, according to Gartner.

This forecast includes spending by insurers on internal IT (including personnel), hardware, software, external IT services and telecommunications.

“Gartner’s 2015 CIO Agenda survey showed the top three technology priorities for Indian insurance CIOs this year are mobility, business intelligence and analytics, and digitalization/digital marketing – in that order,” said Derry Finkeldey, research director at Gartner.

“The big story here is around loyalty amongst agents and insurers who are taking a mobile-first strategy in their efforts to foster it.”

The largest spending segment in 2015 is IT services, which at 46.3 billion rupees is 36 percent of the total market. Business process outsourcing (BPO) is expected to grow the fastest at 22.8 percent in 2015 to become Rs 5 billion market.

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