The insurance industry is indicating growing interest in buying and implementing customer relationship management (CRM) technology, particularly in the areas of sales and marketing, according to a new report by Aberdeen Group, a leading IT market analysis and consulting firm.

More than 80 percent of survey respondents said their budgets for CRM were less than $500,000 in 2002 – a notoriously slow year for IT spending. However, 44.9 percent indicated that in 2003, their CRM spending would increase. In addition, 37.4 percent said spending on CRM had a higher priority than other areas of IT spending.

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