Pensions firms need to rationalise their IT

Life assurance and pension providers need to simplify sprawling back-office systems and develop policy administration systems to...

Life assurance and pension providers need to simplify sprawling back-office systems and develop policy administration systems to support new products.

That is the verdict from analyst firm Datamonitor in a report on future IT strategy and spending in the European life and pensions market. The report forecasts that the IT market will continue to grow, reaching $13bn (£8.9bn) by 2004, up from its current level of $11.9bn.

The spate of recent mergers in the industry has left leading companies with some duplicated IT systems, which need to be rationalised to gain competitive advantage, the report said.

If proposed depolarisation reforms go ahead, firms will also have to ensure that they can distribute information to various intermediaries across a growing number of channels, such as extranets and cross-industry portals.

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