The insurance market in Ukraine will experience
further mutations and Celent expects insurers to increase IT spending by
more than 60% over the next three years.
In a new report, Insurance in Ukraine: Market and
IT Overview, Celent discusses key drivers in the insurance market and
how insurers should be positioning their IT to take on upcoming
challenges. Following the collapse of the Soviet Union, Ukraine has
experienced drastic changes. Its fast growing economy is attracting much
interest from overseas. The Ukrainian insurance industry is characterized
by low levels of investment in IT. M&A activity currently drives the
insurance market and could initiate more IT investment in the future.
IT providers will have to offer flexible solutions
and demonstrate their ability to lead IT consulting projects not only in
technology but also in organizational aspects of IT such as business
process reengineering.
Celent estimates IT spending will grow fast in the
near future. The Non-Life insurance sector will still generate the highest
proportion of IT spending, but the strong growth of Life insurance will
need big IT investment in the next three years.
“Ukraine is certainly one of the Commonwealth
Independent States countries having the highest potential,” notes report
author and insurance senior analyst Nicolas
Michellod.
This report looks in more detail at the size and
structure of the Ukraine insurance market and discusses salient IT trends.
The 24-page report contains 11 figures and 3 tables.
A table of contents is available online.
