Why Life Insurers Need Insurtech Firms: Idea File
June 2, 2020 by Allison Bell
Life insurers have been spending heavily on computers and software for generations, and they’re still hungry for more.
As hard as times may be, most of the 36 life insurers that participated in a recent Novarica survey said they’re planning to maintain their information technology (IT) budgets, and several said they’re on track to increase IT spending.
Srikant Venkatesh, a strategic client executive for banking, financial services and insurance at Tata Consultancy Services (TCS), helps meet that demand.
TCS is an arm of Tata Group, a Mumbai-based company that worked in the 1980s to introduce the idea that U.S. and European companies could farm some of their IT and back office support work out to companies in India.
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