Insurance in Asia-Pacific 2015: The CIO Perspective

by KyongSun Kong, March 31, 2015
Industry Trends
Asia-Pacific

Abstract

Digital transformation, business process automation, and mobile-related innovation are the hot topics among APAC insurance CIOs.

In the report Insurance in Asia-Pacific 2015: The CIO Perspective, Celent reviews business priorities, IT initiatives and spending, and other IT topics in the Asia-Pacific insurance industry. Trends discussed in this report reflect Celent’s experience of the market based on a survey of CIOs taken from the end of 2014 to early 2015 in addition to ongoing discussions with the industry. Survey questions covered business and IT priorities for 2015 as well as details around budgets, IT projects, digitization, system transformations, and innovation.

“The level of portals and mobile activities remains high, with more than 80% of these insurers undertaking these activities,” says KyongSun Kong, an analyst with Celent's Asian Financial Services group and author of the report. “More than half of insurers, however, take a conservative approach when it comes to innovation. With the fast-moving market changes, the number of insurers taking a disruptive approach is expected to increase gradually going forward.”

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 subsidiary 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

1

Introduction

2

Business Goals’ Influence on IT Plans

6

Major Initiative Status

7

Plans to Replace or Maintain Specific Applications

8

2015 IT Budgets

10

Digital Initiatives’ Projected Level of Activity

13

Innovation: Disruptive Vs. Incremental

14

Conclusion

15

Leveraging Celent’s Expertise

16

 

Support for Financial Institutions

16

 

Support for Vendors

16

Related Celent Research

17

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