Technology plays a lead role in executives’ strategic, tactical, and operational agendas, with IT investments projected to expand by up to 30% p.a.
Hong Kong – September 12, 2007 – Leading independent research and advisory firm Financial Insights, an IDC company, today announced the release of its report discussing findings from a comprehensive polling of senior insurance executives conducted at the annual Financial Insights’ InsureTech Conference held last month in Singapore. These survey findings, centering round insurers’ high-level strategic priorities, and the drivers motivating their organizational strategy and corresponding technology spend, are presented in a report entitled “InsureTech 2007 Executive Survey: Insurance Insights for Asia.”
“In our findings, we present responses from 80 respondents from 28 unique insurers. Participants were predominantly managerial and above, with almost half at the Vice President, Operational Head, CXO, Director or General Manager level. Aggregated responses from these high-level executives provide crucial information for readers to benchmark their company’s IT initiatives and strategies for sustainable development,” commented Li-May Chew, CFA, senior research manager for Financial Insights’ Asia/Pacific Insurance Advisory Service.
Decision-makers ranked “the need to acquire technologies to support new business requirements” as foremost in their strategic agenda. (See Figure 1.) “Herein, they are channeling precious funding into business intelligence and to enhance online offerings,” explained Li-May.
Meanwhile, tactical policies are basically dual-pronged, centering on increasing the ease of collaboration between the carrier and its insurance agents, policyholders and claimants (27% share of votes); and on cost reductions (25%). On the operational front, “transformation or rationalization of core administrative processes” scored the highest, while regulatory compliance and efficient risk management ranked as the top two governance issues for respondents.
Other key findings illustrated that Asian insurers’ IT investments remain sterling, with more than half of the respondents projecting increased spending of 5-30% over the course of the next 12 months, the bulk of which is motivated by the need to increase efficiencies, expand revenues, and combat competitive pressures.
“For those contemplating what to make of these findings, we like to reiterate the following suggestions,” stated Li-May. “Insurers should keep abreast with prevailing themes plaguing their peers in region, commence with small, focused IT investments and ensure that technological strategies and business goals are in constant alignment. Vendors likewise need to be attuned to these strategic themes and offer solutions customizable to insurers’ unique business needs.”
For more information on obtaining this report Doc # FIN208461 – ” InsureTech 2007 Executive Survey: Insurance Insights for Asia.” (Financial Insights, September 2007) – 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 exposition company.Tags: IDC, InsurTech, priorities