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Indian Insurance Sector Will Invest Rs 130 Billion on Technology in 2015

According to Gartner Inc. forecast, Indian Insurance sector is expected to invest Rs. 130.4 billion rupees in IT for automating their services and products in 2015. The survey reveals that the Indian Insurance companies are focussing on improving business mobility, digital marketing, and business intelligence and analytics. Subsequently, insurers will invest in software, hardware, telecommunications, and IT services.

Mr. Derry Finkeldey, Research Director, Gartner Inc. said, “Insurance companies are keen to promote loyalty amongst agents and customers who prefer to transact via the online platform.”

The reports indicate, rapidly evolving health segment will be first to receive the benefits of automating Insurance purchase, followed by the bigger non-health segment. 

Currently, insurers are massively funding IT sector, with an investment of Rs. 46.3 billion, which is 36% of the total market.

Subsequently, Business Process Outsourcing sector will witness a speedy growth of 22.8% as it would generate a business worth Rs. 5 billion in 2015.

Source: This news was published on April 30, 2015 in http://economictimes.indiatimes.com/under the title: Indian insurance firms will spend Rs 130 billion on tech in 2015