Insurers upping IT spend to unlock digital potential claims CSC boss
Insurance companies are starting to “unlock” their inner digital insurer according to CSC’s insurance boss.
Speaking to Postonline, the firm's sector general manager Patrick Molineux said: "There has been a meme in my 30 years in insurance of IT budgets going down. But we are starting to see [that reversing] and there is a shift and change of emphasis from IT departments having to spend on run, to starting to spend a bit more on change, and innovation.
"And that is the first time we have seen the amount [spent] on keeping the light on reducing".
Molineux was speaking on the back of a white paper "Spend a pound, to Save a Pound," that CSC conducted in association with Post.
He added: "If you go back a few years insurers were looking at application modernisation, but that was around cost reduction. But now we are [starting to] see a recognition of the need to unlock digital insurance.
"Your differentiator here is your data, but where is that data? It is in your legacy platforms. And unless you modernise them, how do you access that data and present it through your digital channels."
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