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Mumbai, India, October 28, 2015

Gartner Says Indian Insurers Spending 140.8 Billion Rupees on Information Technology and Services in 2016

Insurers Look to Digital Insurance to Create New Markets

Most Indian insurance companies expect to increase their IT budgets in 2016, and are expected to spend 140.8 billion rupees on IT products and services – a 9.6 percent increase over 2015, according to Gartner Inc. This forecast includes spending by insurers on internal IT (including personnel), hardware, software, external IT services and telecommunications.

“Our research shows that Indian insurers are prioritizing their technology investments for 2016 into digitalization, and particularly analytics capabilities,” said Derry Finkeldey, research director at Gartner. “They are primarily looking to digital to grow their businesses in the domestic market.”

This is driving continued strong growth in IT services, especially consulting services, and also enterprise software. Spending on IT services is forecast to reach 45.2 billion rupees, which is 32 percent of all insurance IT spending. Enterprise software spending, which includes enterprise resource planning (ERP), supply chain management (SCM), and customer relationship management (CRM), is forecast to grow 22 percent in 2016, to a total of 948 million rupees.

Further information on insurance sector IT spending is available in the Gartner report, ‘Forecast: Enterprise IT Spending by Vertical Industry Market, Worldwide, 2013-2019, 2Q15 Update. This vertical industries forecast provides total enterprise IT spending, including internal spending and multiple lines of detail for spending on hardware, software, IT services, and telecommunications for vertical industries and 43 countries within seven geographies.

Business trends are the main focus at Gartner Symposium/ITxpo 2015, November 2-5 in Goa, India.Members of the media can register for the event by contacting Sony Shetty at sony.shetty@gartner.com.

About Gartner Symposium/ITxpo

Gartner Symposium/ITxpo is the world's most important gathering of CIOs and other senior IT executives. This event delivers independent and objective content with the authority of the world's leading IT research and advisory organization, and provides access to the latest solutions from key technology providers. Gartner's annual Symposium/ITxpo events are key components of attendees' annual planning efforts. IT executives rely on these events to gain insight into how their organizations can use IT to overcome business challenges and improve operational efficiency.

 Additional information from the event will be shared on Twitter at http://twitter.com/Gartner_inc and using #GartnerSYM.

Upcoming dates and locations for Gartner Symposium/ITxpo 2015 include:

October 28-30, Tokyo, Japan

November 2 -5, Goa, India

November 8 - 12, Barcelona, Spain

About Gartner

Gartner, Inc. (NYSE: IT), is the world’s leading research and advisory company and a member of the S&P 500. We equip business leaders with indispensable insights, advice and tools to achieve their mission-critical priorities today and build the successful organizations of tomorrow.

Our unmatched combination of expert-led, practitioner-sourced and data-driven research steers clients toward the right decisions on the issues that matter most. We are a trusted advisor and objective resource for more than 15,000 organizations in more than 100 countries — across all major functions, in every industry and enterprise size.

To learn more about how we help decision makers fuel the future of business, visit gartner.com.

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