By Gregory MacSweeney , News Analysis Economy Forces Insurers to Refocus IT Spending As company after company misses earnings estimates and some organizations begin to cut laborexpenses, many wonder what will happen to insurance IT budgets. We can get the lowest possible price based on our size. We go through our IT budget in detail every year. We have gone through a couple of rounds of budget reviews, but I have not made cuts based on poor economic outlooks. Technology vendors concur that, while there is increased scrutiny, there have not yet been massive cut-backs in IT spending.
Farmers also has a different labor mix.
In 1998, we had many consultants. We have replaced them with employees. In fact, the consulting industry may be the hardest hit by the slowing economy. However, many companies are looking to increase IT staff, while other sectors of the economy are cutting back. Nationwide is looking to hire 100 IT people.