US insurers to up IT spending modestly

91% of US life insurers are
planning to increase or hold steady the information technology (IT)
spending in 2011, reveals a study conducted by financial services
organisation LOMA and insurance industry consultancy, Strategy
Meets Action (SMA).

LOMA senior vice-president
Jeff Hasty commented: “Information technology will continue to play
a key role for insurers, with more IT spending shifting to the
strategic use of technology to better understand customers and
markets, improve products and increase cross-selling and up-selling
opportunities.”

However, increased spending
on IT is unlikely to be spectacular with the study, based on a
survey of LOMA members, finding that there is likely to be only a
“slightly increasing rate of spending.”

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