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IT in the Insurance Industry - Emerging Trends and Market Opportunities in Asia Pacific
Springboard Research , Aug 2008, Pages: 65
These are exciting times for the insurance industry in Asia Pacific. As governments break up monopolies and liberalize regulations, the industry is witnessing unprecedented growth driven by the economic boom and increasing presence of multinational insurance companies in the region. Deregulation in the sector has created new opportunities in a region that is one of the most underserved in the world.
On the other hand, APAC’s insurance industry is facing challenges on a number of fronts. While countries such as India and China welcome foreign market players, poor market conditions and politically unstable environments have led to the withdrawal of several insurers from countries such as Taiwan and Indonesia. Another key challenge facing insurers is the development of products and distribution channels to meet the requirements of increasingly sophisticated consumers in more mature markets. As a result, new product areas such as investment-linked insurance plans are growing, as is the development of bancassurance (bank-sold insurance products) as an important distribution channel. These factors have caused several companies to review their dependence on agency sales forces and to look at alternative methods of distribution.
Against the backdrop of these market challenges and opportunities, this report analyzes IT adoption trends in Asia Pacific’s insurance industry. Market data comprises a key part of this report, which includes market size and growth forecasts, as well as future IT investment trends in the insurance sector. Through our survey of CIOs and IT decision-makers in the industry in ANZ, China, India, Singapore, Malaysia and Hong Kong, our report also provides insight into insurance companies’ IT challenges, pain points and investments.
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