Indian insurers to spend Rs 14,080 crore on IT in 2016: Gartner

NEW DELHI: Indian insurance companies are expected to spend Rs 14,080 crore on IT products and services, a growth of 9.6 per cent over 2015, research firm Gartner said today.

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

"Indian insurers are prioritising technology investments for 2016 into digitalisation, and particularly analytics capabilities," Gartner Research Director Derry Finkeldey said.

Spending on IT services is forecast to reach Rs 4,520 crore, which is 32 per cent of all insurance IT spending.

Enterprise software spending, which includes enterprise resource planning (ERP), supply chain management ( SCM), and customer relationship management (CRM), is forecast to grow 22 per cent in 2016, to a total of Rs 94.8 crore.