Novarica Video: 2011 Insurance IT Budget Outlook

Novarica released a video recently on 2011 IT spending priorities featuring Matt Josefowicz.  You can watch the video in its entirety here:

http://www.novarica.com/2011-insurance-it-budget-outlook/

Some of the highlights from the video include:

What direction is 2011 IT spending going in:

• Not a lot of cutbacks
• 1B premium companies holding steady with budgets
• Mid-sized companies  being more aggressive in spending
• Insurance companies need to create new business capabilities to get new products out to market faster

What areas will 2011 IT spending be focused in:

• Lots of investment in core systems, this trend continues for the next couple of years
• Lots of insurers shopping around for core policy admin, both replacement and renewal
• Business intelligence capabilities and improving the agent experience

New Areas of focus for IT spending:

• Cloud and mobile anticipated to be significant
• iPad devices reinvigorating the mobile question
• How to optimize existing portals for tab based devices
• A major IT corporate vendor ordered 17,000 iPads to equip their field force and replace their laptops

'Insurance companies need to create new business capabilities to get new products out to market faster'