As the Asian insurance market continues to grow, it faces constraints and opportunities not unlike their North American competitors. A recent report by Boston-based research and consulting firm Celent notes insurers' top three drivers for IT investment in 2011: growing the business, ease of doing business with agents and other distribution channels, and ease of doing business with customers. The report reviews in detail the current business trends facing the market for 2011, and how they are impacting IT investment.
Based on interviews with 25 insurance CIOs from mainland China, Hong Kong, Taiwan, Australia, India, South Korea, and Thailand in March and April 2011, the annual survey, points to insurers’ increased spending on distribution, notes Wenli Yuan, senior analyst with Celent’s Asia Financial Services Group and coauthor of the report. "The major channel priority for technology investment is still agent/tied salesforce. With regard to technology investment, Internet, bank, and mobile channels are more important to Asian insurers compared to 2010."
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