Spotlight

US Life Insurance Technology Spending Forecast 2022

How Providers Can Allocate Budgets for Success

Executive Summary

In 2022, total life insurance IT/technology expenses will rise by 6.7%, the fastest rate since 2019. But annual growth will trend lower through 2026, upping the pressure on life insurers to allocate budgets carefully.

Key Question: How should insurers adjust to slowing growth and most effectively allocate budget dollars?

KEY STAT: US life insurance IT/tech spending will rise to $5.66 billion in 2022, as companies push ahead with multiyear modernization initiatives while pursuing emerging opportunities.

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Table of Contents

  1. Executive Summary
  2. Life Insurers Face a Make-or-Break Moment
  3. Where Are Life Insurers Allocating Their Tech Budgets?
  1. Who’s Partnering With Insurers on Tech Priorities?
  2. Read Next
  3. Sources
  1. Media Gallery

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authors

Eleni Digalaki

Contributors

Tyler Brown
Senior Analyst
Caitlin Cahalan
Researcher, Financial Services
Shelleen Shum
Senior Director, Forecasting

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