A study by Xchanging plc found that technology was the highest priority for 60% of respondents and an overwhelming majority, 86%, ranked it as their first or second priority.

The survey also found that 67% of insurers believe their company’s IT budget will increase this year, with 44% saying it would increase significantly.

The study, conducted at the Acord Loma Forum in May, found that 36% of respondents said it was most likely that big data would see an increase.