2012 Asia-Pacific Insurance CIO Survey: The Year Ahead
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 (New York)
Dana Greenstein
dgreenstein@celent.com
Tel.: +1 646 364 8254
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 | |