Vendors
日本語
search
  2. //
  3. Reports & insights
  4. //
  5. Insurance in Singapore: Market and IT Overview

Insurance in Singapore: Market and IT Overview

Create a vendor selection project
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
We are waiting for the vendor to publish their solution profile. Contact us or request the RFX.
Projects allow you to export Registered Vendor details and survey responses for analysis outside of Marsh CND. Please refer to the Marsh CND User Guide for detailed instructions.
Download Registered Vendor Survey responses as PDF
Contact vendor directly with specific questions (ie. pricing, capacity, etc)
1 October 2014
KyongSun Kong

Abstract

Singapore’s insurance market is mature and limited due to the narrow land and small population, but is expected to continue to grow steadily for years due to continuous immigration inflow and an increase in its insurance penetration rate.

In the report Insurance in Singapore: Market and IT overview, Celent looks at insurance business trends and estimates spending on IT systems.

Celent estimates that IT spending in the Singaporean insurance market will reach US$210 million in 2015, representing a CAGR of 4.7% from 2010 to 2015.

“With new requirements such as the upgrade of CRM and the enhancement of online insurance, Singapore has a number of opportunities for both insurers and IT vendors,” says KyongSun Kong, an analyst with Celent’s Asian Financial Services Group. “The market, however, is limited, so insurers and vendors should take a strategic approach.”

This report also includes recommendations for financial institutions and vendors that are considering expanding their business in the Singaporean insurance market.

Client Access