Insurance industry IT spending to shift gear

While insurance companies have naturally been affected by the ongoing economic crisis, they have not suffered as much as the banking sector and as a result technology spending will be tightened to a lesser extent.

"Although the insurance industry has been hobbled, it is not facing a systemic crisis, thanks to regulations and sound portfolio management by the majority of players," says report author Jonathan Steiman, financial services technology analyst at Datamonitor. "The insurance

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