Insurance industry increases IT spending significantly | 01/18/21

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By Andreas Kißler

BERLIN (Dow Jones) – IT spending by German insurers rose by 15 percent to 5.5 billion euros in 2019 compared to the previous year.  The  IT cost ratio, which is calculated from the IT costs in relation to the gross premium income, also rose significantly, according to the German Insurance Association (GDV). While this was 2.3 percent in 2018, it was 2.5 percent a year later, according to the association’s annual IT survey.

“Insurers are investing more than ever in information technology,” said GDV managing director Jörg Asmussen. © www.de24.news

 The  corona crisis year 2020 provided a further boost to digitization. “In addition to the ongoing modernization projects, there were additional expenses for new servers, licenses and end devices in order to be able to maintain business operations even in lockdown.” Significantly more has also been invested in the efficiency of network operations in order to guarantee the smooth operation of web conference systems.

As in previous years, the top priority for companies is data security. © www.de24.news

 The  introduction of agile working methods and customer access channels followed. According to an ad hoc survey by GDV, the frequency of interaction on customer access channels has increased significantly in the wake of the pandemic – at the top by more than 20 percent for individual companies.

Contact the author: [email protected]

Djg / ank / sha

(END) Dow Jones Newswires

January 18, 2021 06:10 ET (11:10 GMT)





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Insurance industry increases spending significantly

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