- The key vendors in the insurance IT spending in India 2015-2019 are HP, IBM, Infosys, TCS, and Wipro
London, 16 November 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the insurance IT spending in India 2015-2019. Social media has become a major data source for many insurance firms who receive instant feedback through blogs and social networking sites. Recently, many financial organizations have used social computing tools for marketing, branding, recruitment, and to gain broader insights in management initiatives. The insurance IT spending market in India is expected to grow at a CAGR of 8.69% during the forecast period of 2014-2019.
Technologies used in Indian Insurance Industry
The insurance IT spending market in India is experiencing a digital transformation, driven by rapid technological innovations. Insurance firms are continually investing in IT-based solutions, focusing on those that can deliver value to their clients and organizations. Increased adoption of IT-based technologies in the insurance sector has helped reduce costs and improve efficiency.
“Many insurance firms are focusing on moving to agile and event-driven architecture in the Indian market because customers are increasingly demanding real-time solutions,” says Faisal Ghaus, Vice President of Technavio Research.
“To leverage the full benefit of real-time data, many insurance firms have started to deploy data analytics tools that aid in improving customer satisfaction and lead to improved customer retention, lead generation, cross-selling, and customer service.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Insurance IT Spending in India 2015-2019, please send an e-mail to media@TechNavio.com
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