Insurers' IT spend at Rs 10,700 cr this year

Insurance companies in India will spend Rs 10,700 crore on IT products and services in 2013, a 16 per cent increase from 2012, according to Gartner, Inc. Insurance spending on IT will increase more than 9 per cent in 2014 to reach Rs 10,700 crore, the research firm said on Monday.

the forecast includes spending by insurers on internal IT (including personnel), hardware, software, external IT services and telecommunications, Gartner said.

IT services will not only be the biggest spending segment for the insurance industry in 2014, but will also grow fastest at 16.2 per cent.

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