Indian insurance companies’ IT spending — products and services — will grow 10.4 percent to Rs 130.4 billion in 2015, said Gartner.
Gartner in its report called Forecast: Enterprise IT Spending by Vertical Industry Market, Worldwide, 2013-2019, 1Q15 Update, said Indian insurers will spend on internal IT, hardware, software, external IT services and telecommunications.
According to Gartner, growth in investment will be highest in the expanding health segment, with that in the non-health segment not far behind.
Insurers companies will spend maximum in IT services with Rs 46.3 billion which is 36 percent of the total market.
Gartner said Business process outsourcing (BPO) is expected to grow the fastest at 22.8 percent in 2015.
“Gartner’s 2015 CIO Agenda survey showed the top three technology priorities for Indian insurance CIOs this year are mobility, business intelligence and analytics, and digitalization/digital marketing – in that order,” said Derry Finkeldey, research director at Gartner.
IDC said in its January report said that insurance companies globally will increase their IT spending by 4.4 percent to $101 billion in 2015.