2011 Asia Insurance CIO Survey

Abstract

Asia insurers’ top three drivers for IT investment in 2011 are growing the business, ease of doing business with agents and other distribution channels, and ease of doing business with customers.

In a new report, 2011 Asia Insurance CIO Survey: Pressures, Priorities, and Practices, Celent reports the findings of its annual survey of Asia insurance CIOs.

The report reviews in detail the current business trends facing the market for 2011, and how they are impacting IT investment. The report identifies key business themes and discusses broad IT investment plans and priorities for Asian insurers are discussed. Details of budgets and IT spending, use of outsourcing, and interest in new and emerging technologies are also addressed.

“There is increased spending on distribution this year,” says Wenli Yuan, Senior Analyst with Celent's Asia Financial Services Group and coauthor of the report. “The major channel priority for technology investment is still agent/tied salesforce. With regard to technology investment, Internet, bank, and mobile channels are more important to Asian insurers compared to 2010.”

“Cloud computing and mobile applications are being increasingly used in the Asia-Pacific region,” adds KyongSun Kong, Analyst with Celent's Asia Financial Services Group and coauthor of the report.

Trends and data discussed in this report reflect Celent’s experience of the market based on ongoing discussions with the industry and specifically, interviews with selected Asia insurance CIOs from mainland China, Hong Kong, Taiwan, Australia, India, South Korea, and Thailand in March and April 2011.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America (New York)
Dana Greenstein
dgreenstein@celent.com
Tel.: +1 646 364 8254

Europe (Stockholm)
Nick Bockh
nbockh@celent.com
Tel.: +46.8.650.4401

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3500.3023