China's Insurance Industry IT Solution 2011–2015 Forecast and Analysis

This IDC study outlines the dynamics and future development trends of IT applications in the insurance industry by a detailed depiction of major IT application solutions markets and the competitive environment of the Chinese insurance industry in 2010. It also describes the competitive status among major solution providers in the solutions market of China's insurance industry, and predicts the future of the IT application and solution market in the insurance industry during the next five years. Meanwhile, a distribution of overall IT expenditures, according to different solutions and different regions for the insurance industry, as well as the future development trends of major IT solutions market for the insurance industry were provided.

"China's insurance industry IT solution market revenue reached RMB 1,393.5 million in 2010, accounting for 50.1% of the overall insurance IT software and service market revenue, up by 22.3% from 2009. 2010 was the last year of the 11th Five-Year plan period, while 2011 is the first year of the 12th Five-Year plan period. This year is expected to provide an important opportunity for the development of the Chinese insurance industry. The Chinese insurance industry achieved premium revenue of RMB 1.45 trillion, a 30.6% increase from 2009's RMB 1.11 trillion. This fast development trend will be maintained in the next five years, thereby laying a solid foundation for the informatization of insurance industry. IDC predicts that China's insurance industry solution market revenue will reach RMB 3, 729.5 million in 2015, with a 2011–2015 CAGR of 21.8%. Core business will be the major investment area in the next five years, among which risk management and compliance management solutions, enterprise resource management (ERM) solutions, ebusiness solutions, and customer relationship management (CRM) solutions will become the key investment areas of focus for IT application in the Chinese insurance industry for the next five years," says Fang Zheng, senior research manager, Industry Research and Consulting Service Department, IDC Consulting Corp., Ltd.