Published on : Jun 07, 2016
ALBANY, New York, June 07, 2016: A new report, titled ‘Insurance IT Spending Market in the US 2016-2020,’ featured on ResearchMoz.us states that this market is predicted to expand at a 3.30% CAGR during the period between 2016 and 2020 due to the growth of cloud computing and the increasing use of usage-based insurance.
Over the past few years, the insurance industry in the United States has been regulated exceptionally well, which is why it is set for a rapid expansion now. With the entry of many new players, the U.S. insurance IT spending market has become highly competitive. The market is primarily influenced by changing political and economic conditions of the nation. The IT spending by insurance in the U.S. is also influenced by the changing trends in GDP. At present, the economy of the United States is much stronger than the Rest of the World. The next Presidential election in the U.S. is expected to affect the insurance business.
It is expected that the formation of the new government will lead to alterations in policies and rules in the financial sector in the United States. This is expected to reflect in the growth of the IT spending by insurance in the U.S. Leading players operating in the U.S. insurance IT spending market can expect intense competition in the years to come owing to tight market regulations. The expectations of consumers are also predicted to grow. Rising operational complexities, shrinking profit margins, and changes in IT security are some of the other factors expected to affect the IT spending by insurance in the U.S. in the near future.
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With market consolidations, mergers, and acquisitions the new entrants are expected to receive support from leading players whereas, leading players will get a chance to maintain their dominance. The U.S. insurance IT spending market will face the biggest challenge from fraudulent policy claims.
Insurers are expected to replace their obsolete technologies and conventional IT system in order to remain in the competition. As an increasing number of consumers are using smart devices to study available insurance policies and services, insurers are required to pursue multi-channel marketing plans.
Based on technology, the U.S. insurance IT spending market is classified into IT service spending, hardware spending, and software spending. Currently, the IT spending by insurance in the U.S. is steadily expanding with leading players covering different regions of the nation. Andesa, Cognizant, EXL Service, FIS, Genpact, Majesco, Microsoft, Pegasystems, SAP, StoneRiver, Accenture, CSC, Fiserv, Guidewire Software, and Oracle are some of the prominent players operating in the U.S. insurance IT spending market. Considering the changing trends and demands of people, leading companies in the U.S. insurance IT spending market are focusing on introducing new insurance policies with attractive features.
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