Insurance in Asia 2014: The CIO Perspective

by Wenli Yuan, April 16, 2014
Asia-Pacific

Abstract

Digital transformation, data mastery and analytics, and IT-enabled innovation are among the hot topics on CIOs’ agendas in Asia-Pacific.

In the report Insurance in Asia 2014: 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 ongoing discussions with the industry and, specifically, a survey with CIOs at the end of 2013 and beginning of 2014.

“Digital transformation is a major project driver nowadays. Over 70% of surveyed insurers are already working on digital transformation initiatives,” says Wenli Yuan, Senior Analyst with Celent's Asian Financial Services Group and author of the report. “With the emergence of Web 2.0, companies have been able to get access to a larger set of data, and the insurance industry is starting to understand the opportunities open data can offer. Data mastery and analytics are going to be important investments for APAC insurers going forward.”

The survey questions covered business and IT priorities for 2014 as well as details around budgets, IT projects, digitization, outsourcing, system transformations, and innovation.

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 operating unit 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 Themes for 2014

5

IT Budget and Initiatives

7

Digital Transformation

10

IT and Business Outsourcing

15

Innovation

18

Conclusion

23

Leveraging Celent’s Expertise

27

 

Support for Financial Institutions

27

 

Support for Vendors

27

Related Celent Research

28

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