Indian insurance companies to spend 130 billion rupees on IT in 2015: Gartner

Indian insurance companies are expected to spend 130.4 billion rupees on IT products and services in 2015, which is an increase of 10.4 per cent over 2014, according to Gartner. This includes spending by insurers on internal IT (including personnel), hardware, software, external IT services and telecommunications.

“The top three technology priorities for Indian insurance CIOs this year are mobility, business intelligence and analytics, and digital marketing – in that order,” said Derry Finkeldey, research director at Gartner.

Also growth in investment in the health sector is expected to be the highest, whereas the largest spending segment in 2015 is IT services, which at 46.3 billion rupees is 36 percent of the total market.

Business process outsourcing (BPO) is expected to grow the fastest at 22.8 percent in 2015 to become a five billion rupee market, the Gartner report said. Founded in 1979, Gartner is headquartered in Stamford, Connecticut, USA, and has 6,800 associates, including more than 1,500 research analysts and consultants, and clients in 90 countries.