Improvements in Customer Experience, Effective Use of Technology, Enhancements in Operational Efficiency, Introduction of Innovative Products, and Regulatory Compliance are Key Priorities
SINGAPORE, March 29, 2007 � Leading independent research and advisory firm, Financial Insights, an IDC company, recently released a report discussing findings from a survey of senior insurance executives conducted in tandem with its FinTech Asia Conference organized in March 2007. The survey results, gleaned from respondents in Singapore and Malaysia, are presented in a report entitled FinTech Asia 2007 Insurance Executive Survey: Peering into the Crystal Ball.
“The primary intention of this survey is to gather a brief macro overview on insurers’ IT spending growth plans and identify specific arenas for these expansions, providing readers with useful benchmarking tools to help them initiate further discussions,” explained Li-May Chew, CFA, senior research manager for Financial Insights’ Asia/Pacific Insurance Advisory Service. “Impressive technology spend by insurers will be seen around five specific priority areas; improving customer experience, effectively utilizing technology, enhancing operational efficiency, launching innovative products, and improving regulatory compliance,” added Li-May.
Other key findings identified include the fact that 50% of respondents foresee expansion in IT spending in the near-term, with the bulk of investments centering on projects pertaining to core application enhancement and integration, channel initiatives, and improvements to efficiencies. This internal efficiency charter is clearly elucidated in plans to increase spend in business process reengineering (BPR) and automation projects, with 63% of respondents intending to channel more funds to optimize business performance, and 71% expecting to raise investments for IT infrastructure consolidation.
Meanwhile, with technology moving to become a driver of innovation, growth and competitive differentiation, 80% of respondents deem their IT strategies and business goals as being more effectively aligned now than a year ago.
For insurers speculating how to best make sense of these survey findings, Li-May suggests that they keep abreast with these prevailing themes in the region, and commence with small, focused investments. Meanwhile, vendors would flourish by being elastic and offering solutions customizable to insurers unique business needs.
The full report, FinTech Asia 2007 Insurance Executive Survey: Peering into the Crystal Ball, (FIN206059 Financial Insights, March 2007) is available to qualified members of the media. For more information on purchasing this report please contact: [email protected]
About Financial Insights, an IDC Company
Financial Insights provides independent research, custom consulting, and detailed multiclient studies on the technology issues and challenges facing the financial services industry. Our global research covers topics of strategic importance to corporate and retail banks, insurance carriers, asset management firms, securities and brokerage firms. Our local practices in Asia Pacific, Europe, Latin America and Canada add an in-depth regional viewpoint. Financial Insights, an IDC company, is headquartered in Framingham, Massachusetts, USA. IDC is a subsidiary of IDG, the world’s leading IT media, research, and events company. For more information, visit www.financial-insights.com.