Innovative Thinking in Asia Insurance IT Strategy
Insurance companies that recognize emerging trends and set up strategies around them early will gain competitive advantage. Forward thinking is crucial for both short-term and long-term survival and success.
In a new report, Innovative Thinking in Asia Insurance IT Strategy, Celent identifies several innovative items in Asian insurance information technology strategy.
- Automating processes across the enterprise. There is a strong investment in automation in new business straight-through processing. Solutions such as imaging, automatic underwriting, and document management are being implemented in Asian insurance companies.
- Centralizing the IT organization. For large local players, a centralized IT organization across a country; For financial holding companies, a centralized organization across business lines; For global players, a centralized IT organization across Asia.
- Centralizing operations. In recent years, some companies in Asia have centralized their operations. Centralized functions need to be supported by corresponding IT solutions.
- Standardizing processes. Some Asian insurance players standardizing their business processes to maximize efficiency across units and countries.
- Providing customized services throughout the ecosystem. Insurance companies are implementing a bunch of solutions to better understand their customers and to improve the customer experience.
- Leveraging Internet and mobile technology. Insurers that are aware of the increasing mobile Internet use in some specific markets and apply a forward-thinking strategy could design products that support mobile Internet usage and gain competitive advantage.
- Driving business innovation. Steering committees of some insurance companies in Asia require the IT department to not only support business innovation but also promote and even guide innovation. In these firms, IT departments already play a more important role within the organization.
“CIOs ideally want business units to see IT people as thought leaders and willingly follow their directions,” says Wenli Yuan, Senior Analyst with Celent’s Asian Financial Services Group and author of the report. “Finding a solid business case is very important.”
This report includes eight case studies relating to local insurers, global players, and financial holding companies.