Policy Administration Systems for Property and Casualty Insurers in Asia 2009
The insurance industry in some Asian countries developed very quickly, and newly established insurance companies and vendors have very few legacy burdens compared to their North American and European counterparts. As a result, the Asian insurance market has some of the newest, most advanced technology.
In a new report, Insurance Policy Administration Systems for Property and Casualty in Asia 2009, Celent looks at the policy administration systems available to property and casualty insurers in Asia.
Much of the Asia business is about building new infrastructure without the burden of legacy. This is driving needs for very advanced, Java etc. based technology. About 85% of the profiled solutions in the Asian market use Java as their primary language.
Asia has its own specific local requirements, plus the technology is new, so the functionality is perhaps inferior to the functionality of mature legacy products the same vendors offer in US/Europe. Hence, established vendors may not show up well in a vendor comparison. Some vendors still lack of local support in Asia.
“Insurance firms need to look specifically at the Asian capabilities of vendors, no matter how well established they are elsewhere,” says Wenli Yuan, senior analyst with Celent’s Asia Research Group and author of the report.
This report uses Celent’s ABCD vendor view, which is a standard representation of a vendor marketplace designed to show at a glance the relative positions of each vendor in four categories: Advanced technology, Breadth of functionality, Customer base, and Depth of client services. About 70% of the profiled vendors issued a major new release since 2007 that: upgraded the technology platform; broadened the range of functionality; or both.
The report profiles 13 policy administration systems, with nine full profiles and four limited profiles. Vendors covered in this report include 3i Infotech Asia Pacific, CSC, eBaoTech Corporation, FirstApex, Guidewire, IDIT Technologies, Innovation Group, iSoftStone, Mastek, Salix IS, Sinosoft, TCS, and Unirisx.