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12:57 PM
Nathan Golia
Nathan Golia
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The 80/20 IT Spending Trap

We talk about legacy a lot in the insurance industry. Is it holding you back from devoting your budget to innovations you'd like to make?

Click Here to Take Our 2012 IT Budget Survey

There's a lot of good stuff in InformationWeek's list of the top 10 CIO priorities, but standing out is No. 3: "Break Out Of The 80/20 Spending Trap."

Rob Preston writes:

With IT budgets relatively flat at most companies, and with competitors fighting for every scrap of business, CIOs can no longer afford to spend 70% to 80% of their precious funds supporting and maintaining existing systems. They must shift, permanently, a big chunk of their budgets into growth initiatives--IT projects and programs that open new markets and drive new business rather than just maintain the status quo.

This gets at the heart of two of the four questions in I&T's I&T's 2012 Insurance IT Budget Outlook Survey. What is your budget priority for next year? Are legacy systems holding you back from making the innovative investments you want?

Take our survey — it's short, we promise — and let us know your budget status and roadblocks for next year. We'll use the results to spur discussion on this ever-vital topic at our Summit next month and throughout the following year.

Nathan Golia is senior editor of Insurance & Technology. He joined the publication in 2010 as associate editor and covers all aspects of the nexus between insurance and information technology, including mobility, distribution, core systems, customer interaction, and risk ... View Full Bio

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