Insurance in Asia 2013: The CIO Perspective
Asia insurers’ top drivers for IT investment in 2013 are increasing operational efficiency, growing market share, and complying with regulation.
In a new report, Insurance in Asia 2013: The CIO Perspective, Celent reviews in detail the business trends facing the market 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, IT spending, and interest in new and emerging technologies, such as mobility solutions, are also addressed.
“Insurance premium growth rate in some markets is starting to slow down, and gaining market share is increasingly challenging,” says Wenli Yuan, Senior Analyst with Celent's Asian Financial Services Group and author of the report. “Increasing operational efficiency, expanding market share, and coping with regulatory changes are top drivers for insurers’ technology investment.”
In particular, the need to increase operational efficiency is driving Asian insurers’ technology investment in:
- Improving automation, such as: new business straight-through processing and turnaround time through auto underwriting and issuance.
- Implementing core applications such as new claims systems.
- Upgrading and modernizing applications.
- Consolidating and standardizing applications and databases.
- Implementing centers of excellence or shared processing/service centers.
- Using cloud and applying SaaS models.
- Improving internal collaboration platforms.
Trends discussed in this report reflect Celent’s experience of the market based on ongoing discussions with the industry and, specifically, a survey and detailed interviews with CIOs at the beginning of 2013.
This 32-page report contains 16 figures.