Technology Trends in Indian Insurance, 2009-2010
Technology in the uber-competitive and dynamic Indian insurance space continues to be focused on business value. There is a positive spending trend, with insurance budgets increasing 4% to 5% on average, and a positive outlook towards the future, in both the near and long terms.
A new report, Technology Trends in India Insurance 2009-2010, highlights the key technology drivers and trends in the Indian insurance market for 2009–2010. Adverse market conditions for key products and increased competition are forcing insurance companies to rethink and realign business and technology strategies. This rethink is likely to have far-reaching consequences on technology deployment in the Indian insurance sector from functional, cost, and time perspectives.
Senior managers in most Indian insurance companies view technology as a critical enabler driving business value. In turn, CIOs and technology executives are focusing their resources on projects that maximize business gains. Business growth, cost reduction, and ease of doing business at the prospect and policyholder ends are the three business imperatives that insurance technology executives are concerned with in 2009–2010.
"Technology, while undergoing a realignment of priorities, will continue to drive business growth in the sector," says Ravi Nawal, senior analyst with Celent's Insurance Group and author of the report. "Insurance providers are looking at technology to create a winning proposition in a hyper-competitive market."
This report provides insights on: how the executives are viewing this year; their plans on technology are from both a maintenance and new acquisitions perspective; the key business drivers that will shape these plans; the head count and infrastructure support, vendor selection, and outsourcing strategies for the realization of these plans. The pressures, priorities, and practices are probed to develop a comprehensive outlook on the technology road map for the Indian insurance industry in 2009–2010.