Standard Life increases IT spending as tech-enabled efficiency savings reach £64m

Insurance firm Standard Life increased IT spending in the first half of 2011 and says an ongoing technology-enabled transformation programme is already delivering benefits.

Insurance firm Standard Life increased IT spending in the first half of 2011 and says an ongoing technology-enabled transformation programme is already delivering benefits.

Standard Life wants to deliver efficiency savings of £100m by 2012 and IT is playing a big role in the process. The firm said in its half-yearly results that savings of £64m have been achieved already.

The company has spent £80m in its transformation programme, including investment in underlying technology to support growth. This compares with £72m spent during the same period in 2010.

According to Standard Life, further enhancement of the features and usability of its technology meant that it continued to attract customers, advisors and assets. Collectively, the company's platforms now account for 189,000 customers with managed assets just below the £11bn mark.

Speaking to Computer Weekly in March this year, the company's CTO Mark Dixon highlighted the importance of IT at the insurer.

"Any organisation that doesn't have technology high up on its agenda has a pretty miserable future ahead, given the way we do business is changing so much. You just can't ignore technology, certainly not in the business we are in," he said.

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