Eighty-one percent of insurers in a survey say they will increase spending on data initiatives in coming years.
According to the 400 insurance professionals contacted by State Street, only 13% consider their enterprise-wide data management to be of sufficient strength.
Meanwhile, only 19% were confident in their multi-asset risk tools, a lower proportion than respondents from a pool of asset managers, asset owners and alternative managers also polled by State Street.
“The challenge ahead is how to turn fragmented IT systems into a strong and flexible platform capable of adapting to the demands of a more complex investment climate,” says Jeff Conway, executive vice president and head of State Street Global Exchange.
State Street says its insurance clients grew three times over in 2013, signalling significant demand for data services from this section of the market.
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