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Published by: Springboard Research
Published: Aug. 18, 2008 - 65 Pages
Table of Contents
- INTRODUCTION
- EXECUTIVE SUMMARY
- RESEARCH METHODOLOGY
- Secondary Research
- Supply-side Primary Research
- Demand-side Primary Research
- OVERVIEW OF THE ASIA PACIFIC INSURANCE MARKET
- Insurance Industry in China Surges
- Insurance Industry in India Follows Suit
- Demand for Insurance Surges
- Demand for Automobile Insurance
- IT IN ASIA PACIFIC’S INSURANCE INDUSTRY
- Growing Focus on the Web
- Development of In-house Solutions
- Investments in Telecom and Networking
- Investments in SOA
- IT Market Size in the Insurance Industry
- Market Size by IT Country
- Market Size by IT Segment
- Hardware
- Services
- Software
- FOCUS AREAS, BUSINESS CHALLENGES AND IT PAIN POINTS
- Top Business Opportunities in Insurance
- Reaching New Markets
- New Product Development
- Focus on Different Insurance Segments
- Strategic Focus Areas of Insurance Companies
- Focus on Sales Management
- Focus on Underwriting and Policy Management
- Focus on ERP
- Strategic Focus by Insurance Segment
- Top Business Challenges
- Competition
- Poor IT Systems
- Reaching out to New Markets
- Government Policies
- Top IT Pain Points
- Lack of Skilled Manpower
- Integration of Business Systems
- System Stability
- IT SOLUTIONS & DEPLOYMENT TRENDS FOR INSURANCE COMPANIES
- Largest IT Solutions Implemented
- Focus on Industry-Specific Solutions
- Focus on Ecommerce
- Insurance Companies’ IT Spending Over the Last/Next 24 Months
- Amount Spent on IT Solutions in past 24 months:
- Share of All Expenditures Directed toward IT
- Near Future Solutions & Solution Providers Named by Insurers
- Investments in CRM
- External Vendor Selection Factors
- Strong Service and Support
- Price
- Knowledge of Industry
- ASIA PACIFIC COMPETITIVE LANDSCAPE
- MNC IT Vendors in Insurance
- IBM
- HP
- Microsoft
- Oracle
- SAP
- Local IT Vendors in Insurance
- eBao
- FirstApex
- Mastek
- WizVision.com
- Vendor Share in IT Infrastructure of Insurance Companies
- COUNTRY TRENDS
- Australia
- Insurance Companies
- Business Challenges
- Key IT Trends
- China
- Insurance Companies
- Business Challenges
- Key Drivers
- Key IT Trends
- India
- Insurance Companies
- Key Drivers
- Business Challenges
- Key IT Trends
- Singapore
- Insurance Companies
- Business Challenges
- Key Drivers
- Key IT Trends
- Hong Kong
- Business Challenges
- Insurance Companies
- Key Drivers
- Key IT Trends
- Thailand
- Insurance Companies
- Key Drivers
- Key IT Trends
- SPRINGBOARD RECOMMENDATIONS
- Focus on Industry-Specific Solutions
- Focus on SOA Offerings
- Clearly Define ROI Benefits
- Work on Post-implementation Challenges and Pain Points
- New Investments Will Drive an Increase In IT Spending
- CONCLUSION
AbstractThese are exciting times for the insurance industry in Asia Pacific. As governments break up monopolies and liberalize regulations, the industry is witnessing unprecedented growth driven by the economic boom and increasing presence of multinational insurance companies in the region. Deregulation in the sector has created new opportunities in a region that is one of the most underserved in the world.
On the other hand, APAC’s insurance industry is facing challenges on a number of fronts. While countries such as India and China welcome foreign market players, poor market conditions and politically unstable environments have led to the withdrawal of several insurers from countries such as Taiwan and Indonesia. Another key challenge facing insurers is the development of products and distribution channels to meet the requirements of increasingly sophisticated consumers in more mature markets. As a result, new product areas such as investment-linked insurance plans are growing, as is the development of bancassurance (bank-sold insurance products) as an important distribution channel. These factors have caused several companies to review their dependence on agency sales forces and to look at alternative methods of distribution.
Against the backdrop of these market challenges and opportunities, this report analyzes IT adoption trends in Asia Pacific’s insurance industry. Market data comprises a key part of this report, which includes market size and growth forecasts, as well as future IT investment trends in the insurance sector. Through Springboard Research’s survey of CIOs and IT decision-makers in the industry in ANZ, China, India, Singapore, Malaysia and Hong Kong, our report also provides insight into insurance companies’ IT challenges, pain points and investments.
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