Trends in Asian Insurance 2009: A Business and Technology Outlook Based on a Survey of Asian Insurance CIOs

by Wenli Yuan, June 17, 2009
Operations/ Benchmarking


Asia accounts for a relatively small share of global insurance premiums, but it is undergoing rapid growth.

In a new report, Trends in Asian Insurance 2009, Celent delves into trends in Asian insurance and explores the influence on IT investments.

Trends discussed in this report reflect Celent’s view of the market based on ongoing discussions with the industry and in-depth interviews with CIOs at the end of 2008. The interviews covered new project spending, as well as details around budget allocation, architecture strategy, standardization, Web services and SOA, and the vendor market.

"Asian insurance companies use multiple distribution channels, including tied agent, bancassurance, telemarketing, agency firms or financial consulting firms," says Wenli Yuan, senior analyst with Celent’s Asia Research Group and author of the report. "Insurance companies still mainly depend on traditional distribution channels. The coming year will see CIOs invest in producer portals and direct marketing channels."

This report describes the status of the insurance industry in some Asian countries and regions, analyzing growth drivers. It also examines the impact of the financial crisis on the Asian insurance industry.

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].

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