New hardware and software for insurance companies can come with big price tags. But new research shows that the companies spend nearly twice as much on existing IT equipment than on new solutions.
Novarica, a research and advisory firm specializing in insurance technology strategy, unveils this finding in a 2015 benchmarking report. Based on 69 responses from the Novarica Insurance Technology Research Council, the study highlights key issues to consider when benchmarking.
The report reveals that insurers spend on average 20 percent of their information technology budgets on maintenance fees for IT solutions they own. This compares to 11 percent for new hardware and software.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
