Insurers to spend Rs 420 crore on mobile devices next year: Report

MUMBAI: The domestic insurance industry is on course to become the third fastest growth market for ICT after retail and banking in 2015, and will spend Rs 420 crore on mobile devices, says a report.

According to Gartner, with a projected growth of 9.4 per cent, insurers are on pace to spend Rs 11,890 crore on IT products and services in 2014, and spending will increase to Rs 13,000 crore in next years.

This forecast includes spending on internal IT (including personnel), hardware, software, external IT services and telecommunications.

Domestic insurers are set to spend Rs 420 crore on mobile devices in 2015, with spending on tablets to rise 64 per cent, even as spending on PCs is set to decline in 2014 and 2015.