Progress Towards a Digital Future in Asia: Results from the Asia Insurance Research Panel

by Neil Katkov, PhD, May 31, 2016
Other
Asia-Pacific

Abstract

Celent has released a new report titled Progress Towards a Digital Future in Asia: Results from the Asia Insurance Research Panel. The report was written by Neil Katkov, PhD, Celent’s Senior Vice President for Asia.

 

Celent’s inaugural Asia Insurance Research Panel survey takes aim at a red-hot topic in the industry: digital insurance. The survey was completed by 28 insurers across nine markets in Asia, including a number of global insurers active in the region.

According to the survey, 93% of insurers in Asia agree that digital is a major force for disruption in the industry and will change the nature of both the proposition and distribution. Yet only 6% of insurers have appointed a Chief Digital Officer.

The results of the survey paint a complex picture of the state of digital programs at insurers in Asia today. Insurers in the region are keenly aware of the potential of digital engagement to strengthen the customer proposition.

Most insurers, though, are still at the stage of digital enablement, with a focus on automating back office processes and reducing paper. Initiatives leveraging emerging technologies such as cognitive computing, the Internet of Things, and social data — namely, areas of digital innovation — were prioritized by only a minority of insurers.

“Survey results suggested that insurers in Asia tend to a ‘multichannel’ mindset, where simple transactions can be passed off to remote channels. But consumers are seeking a true omnichannel experience, where human touch and automation are tightly orchestrated to support customer needs whenever and wherever they arise,” says Neil Katkov, PhD, Senior Vice President, Asia at Celent and author of the report.

Celent is accepting additional requests for membership in the panel. If you are an insurer and would like to participate in future Asia Insurance Research Panel surveys, please contact info@celent.com.

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

 

Key Research Questions

1

Introduction

2

Insurer Awareness of the Digital Imperative

4

What Do Insurers Think Consumers Want?

6

How Are Insurers in Asia Preparing for Digital?

9

 

Co-Innovation

9

 

Targeting the Digital Proposition

10

Digital Enablement and Digital Innovation

11

Execution of Digital Initiatives

14

 

Implementation Challenges

16

Conclusions

17

Appendix: Survey Demographics

18

Leveraging Celent’s Expertise

19

 

Support for Financial Institutions

19

 

Support for Vendors

19

Related Celent Research

20

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