Business Strategy: Malaysia and Singapore Insurance Roundtables - Forging Ahead with Cautious Optimism

IDC
October 20, 2011
31 Pages - SKU: IDC6653303
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Countries covered: Malaysia, Singapore

This IDC Financial Insights report features core issues senior insurance executives in Malaysia and Singapore are preoccupied with, as discussed at two closed-door Insurance Roundtable sessions held in September 2011. The Roundtable forum organized by IDC Financial Insights is part of our Boardroom Series of high-level peer group discussions held in-country across the region, allowing for industry thought leaders to gather and deliberate on key business, operational, and technology issues they are facing.

"This document delineates the top strategic initiatives insurers in Malaysia and Singapore are focused on, three of which overlap, namely data management, business analytics, and the reemergence of customer centricity; change transformation and optimizing business performance; and managing the agency and indirect distribution network. Delegates in Malaysia also bantered about fraud mitigation and alternative revenue models," remarked Li-May Chew, CFA, associate research director, Asia/Pacific Financial Advisory Service.

"On the first issue around data and analytics, the consensus opinion is that while the insurers' ability to monetize available consumer data is of utmost importance, there remain issues around capturing clean, relevant data to underpin corporate decisions. And while analytical deployments have matured considerably, most still need to alleviate utilization of analytics and infuse more predictive intelligence into decision-making processes."


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