The February 2023 Aite-Novarica Group report, based on a survey of 61 insurer CIOs and technology leaders, shows IT spending for life/annuity/benefits insurers rising slightly from 4.1% to 4.2% of premium in 2023, driven by staff costs and vendor contracts. Economic uncertainty is prompting cautious planning, with staffing ratios stable. Digital investments remain a priority, with large insurers focusing on agent support and midsize insurers on customer self-service. Key challenges include talent shortages, aligning IT with business priorities, and cost pressures, while enhancing portals and user experiences continues to be a strategic focus.

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