According to the study, the most important development

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The Expert RA rating agency and the Reksoft group conducted a study among 60 Russian insurance companies with a total market share in terms of insurance premiums of about 50%. According to the study, about 75% of companies spend 1-10% of their insurance premiums on IT: half of them spend 1-5%, and the other half spend 5-10%; almost 20% of the surveyed organizations allocate at least 15% of their premiums to the development of digital technologies.

The authors of the study noted belarus whatsapp number databa se that insurers that are part of banking groups invest more in IT than independent participants (as a percentage of insurance premiums); for the former, the share of expenses on IT amounted to almost 10-15% on average, while among non-bank players no one spends more than 10%, and most limit themselves to 1-5%.

"Considering that insurance companies collected 285 billion rubles in 2023, the total IT budget of the insurance market can currently be estimated in the range from 115 billion rubles to 230 billion rubles," report experts from Expert RA and Reksoft.

t area for insurance companies was data management and the use of a data-driven approach (80%); the second most important trend was optimization of claims settlement; the third most important area, slightly behind the leaders, was improving customer experience (20% of companies assigned it moderate or low priority, while for large market participants it became the key one: all respondents in this group rated it as the highest priority).

Insurance market participants believe that the greatest effect for business will come from the creation and development of ecosystems of services for clients, personalization of insurance products, as well as the creation and customization of new insurance products - almost 30% of respondents included these areas in the top 3 technologies for business.

Maxim Anisimov, CEO of Red Soft LLC (developer of the RED OS operating system), named system software - Russian operating systems - as the most popular IT product among insurance companies. According to him, solutions for building virtual workstations and a solution for centralized management of IT infrastructure are also in demand.

Director of Strategy and Technology Development at Bellsoft JSC (Axiom JDK) Roman Karpov explained that many IT systems of insurance companies, including the policy registration system, the central accounting system, are built on the Java programming language, and this, in his opinion, is a promising and focus market for the implementation of the domestic Java platform. As Roman Karpov noted, since the Central Bank of the Russian Federation does not impose such strict requirements on critical information infrastructure and personal data systems in insurance companies, import substitution is slower than in banks.

According to the general director of OOO "CHESKA" (system integrator CESCA) Evgeny Domozhirov, insurance companies in the Russian Federation have a demand for predictive analytics models, and they also actively use big data and data science.

According to the study, almost 65% of insurance companies rely