Life/Annuity/Benefits Insurer IT Budgets and Projects, 2024

Insurers’ 2024 planning reflects the economic uncertainty that persisted through much of 2023.

Technology is a critical driver for competitiveness for life, annuity, and voluntary benefits insurance. New capabilities enabled by technology create real value for insurers by allowing them to identify and penetrate new markets, sell products more effectively, increase operational efficiency, and better understand and model risk. For insurers, IT investment is investment in the truest sense. However, creating this value requires funding mature IT organizations that can support modern systems, compete for top talent, and support strategic objectives.

This report is designed to help insurers understand peer behavior, budgets, and priorities for the coming year as context for their strategic planning activities. It is based on a Q4 2023 study of 61 insurer CIO and technology leader members of the Datos Insights Insurance Technology Research Council.

Clients of Datos Insights’ Life, Annuities, & Benefits service can download this report.

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