Insurance in Asia-Pacific 2016: The CIO Perspective

by KyongSun Kong, April 25, 2016
Industry Trends
Asia-Pacific

Abstract

Celent found that digital transformation and IT operational excellence are the current hot initiatives among APAC insurance CIOs from 2016 APAC Insurance CIO Survey.

In the report Insurance in Asia-Pacific 2016: 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 in early 2016 in addition to ongoing discussions with the industry. Survey questions covered business and IT priorities for 2016 as well as details around budgets, IT projects, digitization, system transformations, and innovation.

“The levels of portals and mobile activities remain high, with both of them showing nearly 80% of surveyed insurers undertaking initiatives,” says KyongSun Kong, an analyst with Celent's Asian Financial Services group and author of the report. “CRM has also emerged as one of the hottest issues, with 60% of insurers indicating that they will take up this initiative in 2016, up from 50% in 2015.”

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 part 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

5

Major Initiative Status

7

Plans to Replace or Maintain Specific Applications

9

2015 IT Budgets

11

Digital Initiatives’ Projected Level of Activity

14

Innovation: Disruptive Vs. Incremental

16

Conclusion

17

Leveraging Celent’s Expertise

18

 

Support for Financial Institutions

18

 

Support for Vendors

18

Related Celent Research

19

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