If this were the Christmas holiday season for insurance carriers, machine learning, big data, analytics and security would be high on their shopping lists.

Executive Summary

Insurance carriers are boosting their spending on machine learning, big data, analytics and security, representing a broad growth in IT spending for the sector currently and in the coming months. Changing customer expectations are driving the trend, according to experts who spoke with Carrier Management about the details.

Insurer IT spending is growing for 2020, driven by carrier efforts to improve speed to market, distribution and analytics capabilities, noted the 12th annual Insurer IT Budgets and Projects report issued by Novarica. The driving factor: to give customers the digital, customer-friendly experience they’re increasingly clamoring for from their insurers. Among the report’s findings: Digital and data analytics represented more than half of “grow” and “transform” spending.

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