Insurance technology provider SSP says it has witnessed a rise in IT expenditure as insurers shift focus from cost containment to innovation and growth.
The company contents that strong competition in commercial and personal lines are making pricing flexibility, product design and the ability to handle multiple distribution channels increasingly important.
However, it added that insurers with legacy technology are "significantly constrained" in these areas.
The last 12 months have seen insurance companies of all sizes focusing their IT investment on improving customer service, product innovation and efficiency, the company said.
SSP added that in the past year, eight new clients had joined its insurer division customer base of over 130 insurance companies and MGAs as established businesses have upgraded legacy systems and start-ups have entered the market.
“With strong competition in their core markets many insurers have started to look at new channels, new product areas or new services, and they want to do this quickly and efficiently, " said SSP chief executive Laurence Walker in a statement.
"However, to do this requires modern, flexible application technology."
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