To stand out against competitors, tech leaders must sharpen their agility to act quickly on emerging opportunities, zero in on key priorities, and carefully allocate budgets.
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
Executive Summary
Life Insurers Face a Make-or-Break Moment
Where Are Life Insurers Allocating Their Tech Budgets?
Who’s Partnering With Insurers on Tech Priorities?
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