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Insurance in South Korea: Market and IT Overview

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19 November 2014
KyongSun Kong

Abstract

The South Korean insurance market has great potential to grow, but it is going through a difficult period due to the recession and other factors such as the ban on telemarketing sales.

In the report Insurance in South Korea: Market and IT Overview, Celent looks at insurance business trends in South Korea and estimates spending on the nation’s insurance technology systems.

Celent estimates that IT spending in the South Korean insurance market will reach US$384 million in 2015, based on a compound annual growth rate of 3.0% from 2010 to 2015.

“South Korea’s economy has yet to find its way out of recession,” says KyongSun Kong, an analyst with Celent’s Asian Financial Services group. “The insurance market, however, has great potential to grow in the middle term, so insurers should seek ways to capitalize on future growth.”

This report concludes with recommendations for financial institutions and vendors that are considering expanding their business in the South Korean insurance market.

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