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IT spending by Indian insurers may rise 10% in 2015, Gartner says

The Times of India:  May, 2015

Chennai: Gartner Inc, a global information technology (IT) research advisory, expects that Indian insurance companies will spend Rs 130.4 billion on IT products and services in 2015, a 10.4% increase over 2014.

This forecast by Gartner 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," Derry Finkeldey, research director at Gartner said in a statement.

Finkeldey added that most of these investments were expected to revolve around cultivating loyalty amongst agents and insurers.

According to Gartner, growth in investment will be highest in the expanding health segment, with that in the non-health segment not far behind.

Gartner said the largest spending segment in 2015 is IT services, which at Rs 46.3 billion, is 36% of the total market. Business process outsourcing (BPO) is expected to grow the fastest at 22.8% in 2015.