2012 Asia-Pacific Insurance CIO Survey: The Year Ahead

by Wenli Yuan, July 5, 2012
Asia-Pacific

Abstract

Asia insurers’ top three drivers for IT investment in 2012 are increasing operational efficiency, growing market share, and complying with regulation.

In a new report, 2012 Asia-Pacific Insurance CIO Survey: The Year Ahead, Celent reviews in detail the business trends facing the market for 2012, and how they are impacting IT investment. The report identifies key business themes and discusses broad IT investment plans and priorities for Asian insurers. Details of budgets and IT spending, use of outsourcing, and interest in new and emerging technologies, such as mobility solutions, are also addressed.

“Currently over 60% of insurers provide mobility solutions for field-based / mobile staff, and over 50% of insurers provide mobility solutions for prospects and staff, ” says Wenli Yuan, Senior Analyst with Celent's Asian Financial Services Group and author of the report. “In 2015 over 60% of insurers will provide mobility solutions in a broad range for prospects, for individual policyholders, and for field-based / mobile staff.”

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, Australia, India, and Japan in April to June 2012.

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 (Boston)
Tylor Tourville
ttourville@celent.com
Tel.: +1 617 424 3284

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)208 870 7875

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81.3.3500.3023

Table of Contents

Executive Summary

3

Introduction

6

Business Drivers of IT Investment

7

 

Driver 1: Increasing Operational Efficiency

7

 

Driver 2: Growing the Business

9

 

Driver 3: Complying with Regulation

10

 

Other Drivers

11

Technology Strategies

12

 

Major Elements in 2012 IT Strategy

12

 

Approach to Legacy Core Systems

13

 

Channel Priorities for Technology Investment

14

 

Using Technology to Change User Experience

14

IT Budgets

16

 

IT Budgets for 2011

16

 

Change for IT Budgets

17

 

IT Budget Allocation

18

 

IT Staffing

19

 

IT Standards and Others

21

 

Standards

21

 

Web Services/SOA

23

 

Operating Systems

24

 

Enterprise Technology

25

Vendors and Outsourcing

27

 

Use of Vendor Solutions

27

 

Build Vs. Buy

28

 

Views on Outsourcing

30

Emerging Technology

32

 

Social Media

32

 

Cloud Computing

33

 

SaaS Applications

34

 

Mobile Applications

35

 

High-Performance User Interfaces

36

IT Management Issues

37

 

Role in Decision-Making

37

 

Role in Innovation

38

 

Difficult Aspect of CIO’s Job

38

Final Thoughts

40

Leveraging Celent’s Expertise

41

 

Support for Financial Institutions

41

 

Support for Vendors

41

Related Celent Research

42

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