Study Finds IT Budgets to Remain Strong for Insurers
Budgets may be tight for some insurers, so it’s important to allocate funds appropriately. The Riding the Wave: Insurer Technology Spending, Drivers, and Approaches survey conducted by LOMA and Strategy Meets Action found that 90 percent of life insurance companies plan to spend the same, if not more, on IT next year.
LOMA senior vice president Jeff Hasty says it’s important to have strong IT in order for a company to thrive.
“The study is consistent with what we are hearing from our members,” says Hasty. “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.”
Many life insurance companies have begun to use technology to help reach out to consumers. Some have even begun to use social networking websites, such as Facebook, to engage with potential clients. A number of people are comfortable using technology to connect with others and therefore feel natural connecting with an insurance agent using the medium.
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