Some changes in China insurance IT
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31 August 2010Wenli Yuan
Recently I went to Beijing and Shanghai visiting insurance companies again. By talking to CIOs and IT managers, I realized that something is changing. - IT plays a more important role. In most insurance companies in Asia, the main objective of the IT department is to support growth. It is common that business departments raise requirements, and the IT departments are responsible for developing the corresponding solutions. But I also see steering committees of some insurance companies in China requiring 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. The IT department study technology trends and suggest innovative solutions that can add value to business process. Starting from a solid business case is very important. - Some middle tier insurance companies start to reduce outsourcing of core software development, try to do business analyze and technology analyze internally, only outsourcing coding. They said the reason is because of the increasing cost of outsourcing and the low quality of business analyze from vendors. - More innovative thinking in service. I hear from some companies talking about e-business, mobile solution, geography information system, e-policy…… We are living in a changing world. Various types of uncertainty are growing. Companies that see emerging trends and set up strategy around them early will gain competitive advantage. Forward thinking is crucial for both short-term and long-term survival and success.