The Hindu Business Line : `Insurance sector set to see big tech investments'

This, coupled with the need to conform to regulatory compliance requirements of related sectors such as healthcare, makes it a race against time to make technology work seamlessly for the insurance sector, according to Mr John Segretta, Head of Insurance Practice, Virtusa Corporation.

During his India visit, Mr Segretta, who draws upon expertise in insurance and technology sectors, told Business Line that the insurance sector is witness to big technology investments, which could be much more than that of the banking and financial services sector.

According to Celent, in the US, IT total spend for the insurance sector is estimated at about $33.6 billion and as per Gartner data, global IT spend for the insurance market could be about $147 billion.

Providing insight into how insurance majors are seeking to transform their systems, Mr Segretta said traditionally, insurance players built hybrid systems that provide the necessary infrastructure.

The advantage is that they have already invested heavily in technology that is being used now. But, the more challenging part is to build technologies backed by necessary logic onto the existing systems for new features without disrupting their current businesses.

As a part of service offering for clients such as ING, Virtusa adopts a framework approach that enables it to draw upon the intellectual property created.

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