Innovative Thinking in Asia Insurance IT Strategy

by Wenli Yuan, September 9, 2010
Case Studies
Asia-Pacific

Abstract

Insurance companies that recognize emerging trends and set up strategies around them early will gain competitive advantage. Forward thinking is crucial for both short-term and long-term survival and success.

In a new report, Innovative Thinking in Asia Insurance IT Strategy, Celent identifies several innovative items in Asian insurance information technology strategy.

  • Automating processes across the enterprise. There is a strong investment in automation in new business straight-through processing. Solutions such as imaging, automatic underwriting, and document management are being implemented in Asian insurance companies.
  • Centralizing the IT organization. For large local players, a centralized IT organization across a country; For financial holding companies, a centralized organization across business lines; For global players, a centralized IT organization across Asia.
  • Centralizing operations. In recent years, some companies in Asia have centralized their operations. Centralized functions need to be supported by corresponding IT solutions.
  • Standardizing processes. Some Asian insurance players standardizing their business processes to maximize efficiency across units and countries.
  • Providing customized services throughout the ecosystem. Insurance companies are implementing a bunch of solutions to better understand their customers and to improve the customer experience.
  • Leveraging Internet and mobile technology. Insurers that are aware of the increasing mobile Internet use in some specific markets and apply a forward-thinking strategy could design products that support mobile Internet usage and gain competitive advantage.
  • Driving business innovation. Steering committees of some insurance companies in Asia require the IT department to not only support business innovation but also promote and even guide innovation. In these firms, IT departments already play a more important role within the organization.

“CIOs ideally want business units to see IT people as thought leaders and willingly follow their directions,” says Wenli Yuan, Senior Analyst with Celent’s Asian Financial Services Group and author of the report. “Finding a solid business case is very important.”

This report includes eight case studies relating to local insurers, global players, and financial holding companies.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

3

Automating Processes Across the Enterprise

4

 

Process Automation Case Study: Underwriting

4

Centralizing the IT Organization

6

 

Centralizing IT Organization at a Financial Group

6

 

Pan-Asia Organization at a Global Insurer

7

Centralizing Operations

8

 

Centralized Operations at a Major Chinese Financial Group

8

Standardizing Processes

10

 

Process Standardization Case Study

11

Providing Customized Services Throughout the Ecosystem

12

 

Customized Services Case Study: Supporting Agents

12

Leveraging Internet and Mobile Technology

13

 

Understanding Generation Y

16

Driving Business Innovation

17

 

Case Study: Mobile Reporting

17

 

Case Study: e-Policies

18

Final Thoughts

19

Leveraging Celent’s Expertise

20

 

Support for Financial Institutions

20

 

Support for Vendors

20

Related Celent Research

21

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