Insurance Technology Investment Trends Report

London, United Kingdom--(Newsfile Corp. - December 18, 2023) - Global insurance IT spending is expected to reach $362 billion by 2025. Wouldn't it be helpful to know where that investment is going?

Reuters Events surveyed 500+ carriers to find out what technologies they are planning to invest in, producing a 10-minute read summarizing the key technology investment trends and drivers for the insurance market.

Download the report here: Top Insurance Technology Investment Trends for 2024

Our comprehensive report provides you with the insights you need to make informed investment decisions, including:

• Which technologies insurance carriers are planning to invest in over the next 2 years
• What are the prominent drivers and blockers for technology investment
• How technology preferences differ per insurance line and organization size (determined by annual net premiums)

Here's a snippet of the key insights:

• Analytics is the top technology set that insurance providers are investing in, with 40% of our respondents highlighting planned investment in the next two years.

• There is falling investment sentiment for cloud storage technologies - just 21% of our respondents plan to invest in these solutions over the next two years, contrasting with rising interest in Artificial Intelligence (AI) with much anticipation building around it.

• Budget restrictions and how new technologies integrate with legacy systems the two most commonly cited obstacles (identified by 53% and 52% respectively).

• A greater share of respondents from larger organizations are planning investments in AI than smaller organizations, indicating that they stand to be in a much more advantageous position to benefit from advancements in this technology set.

Download the full report to find out what other technologies insurance providers are planning to invest in, how these preferences differ by insurance line, as well as the key drivers for investment.

Click here to view the report: Top Insurance Technology Investment Trends for 2024

Interested in this topic? Want more insights from thought-leaders on the critical challenges for the insurance industry? Then you need to be at Reuters Events: The Future of Insurance USA 2024 (May 15-16, Chicago) - the leading forum for senior insurance executives.

For more information on the event, contact:

Alexandra Wilson
Project Director | Insurance
Reuters Events
T: + 44 (0) 20 7513 4979
E: alexandra.wilson@thomsonreuters.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191414