| Spending on information technology within the insurance industry is expected to grow faster than spending as a whole, and in fact it is expected to grow at roughly twice the rate of industry spending overall. Within the information technology subsegment, outsourcing will be one of the most, if not the most, rapidly growing category for the foreseeable future.
Traditional IT outsourcing has been practiced selectively by carriers of all sizes for several years, primarily to achieve economies in certain narrowly defined tasks. Business process outsourcing is broader in scope and falls more into the bailiwick of strategic outsourcing. We anticipate that business process outsourcing will be the fastest growing subcategory in the outsourcing universe. Our projections for growth in IT spending, and in the various categories of outsourcing are included as part of this TowerGroup Research Note.
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