IT spending by Indian insurance firms to increase 5% in 2014: Gartner

IT spending on products and services in 2014 by Indian insurance companies is expected to increase 5 percent, said Gartner.

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

Gartner also said Indian insurance companies will spend 4.1 billion rupees on mobile devices in 2014, up 35 percent from 2013.

Most Indian insurance CIOs view mobile enablement of applications and services as a very important component of their strategies to improve sales and channel effectiveness.

Derry Finkeldey, research director at Gartner, said: “This is especially important as insurers compete to reach agents and customers distributed across the country and outside of saturated urban markets.”

Tablet market in India will grow 160 percent in 2014. As the tablet market breaks through the 200 million rupee mark this year, growth is expected to be in the moderate double-digits range. The much larger 3.8 billion rupee market for other mobile devices will grow 24 percent in 2014, with revenue of 926 million rupees. While the 11 billion rupee mobile network services market is growing, its 12.8 billion rupee fixed network sibling is in decline, and will be overtaken in size by mobile spending by 2016.

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