With increasing competition in today’s marketplace, insurers in Asia-Pacific are taking a closer look at the benefits of outsourcing technology, according to IDC Financial Insights' latest report.
The study, "Insurance Vendors: Spotlighting the Major Players in Asia/Pacific," says that insurers in Asia-Pacific have thus far been laggards in IT spending, but now see the down economy as a reason to create a more dynamic business framework through the assistance of technology.
IDC Financial Insights Asia/Pacific recommends that insurers exploring IT outsourcing:
• Ascertain that the vendor's offerings correlate with their requirements
• Make decisions around the extent of customization preferred and the choice of multiple vs. one-system solutions
• Examine the vendor's footprint of reference clients
Additionally, the report highlights three enterprisewide technology firms: CSC, IBM and SAP, and six insurance technology firms: 3i Infotech, Cognizant, EAB Systems, eBao Technologies, Mastek and Perot Systems.
The companies strategic objectives, approaches to product development, deployment and support, value proposition, competitive differentiation, market footprint, client profile and overview of major products are assessed in the report.
"Each company has a unique value proposition, offering nuances in products, services and solutions,” says Li-May Chew, CFA, senior research manager for IDC Financial Insights Asia/Pacific. “For instance, CSC has a large installed base with commendable end-to-end reach, while we applaud IBM's high commitment level to the industry and vast ISV ecosystem of business partners. Among the [insurance technology] organizations, 3i Infotech has a laudable front-end solution that addresses the full spectrum of insurance functions, and eBaoTech is viewed as being an aggressive company that has excelled at building brand awareness."
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