State Street: Platforms for Growth: Technology Innovation in the Insurance Industry
September 9 2015
Significantly increased and timely investment in technology is critical for insurers to further grow their business in Asia Pacific according to a study produced by State Street Corporation, based on a global survey of more than 300 insurance executives.
Targeting new customer segments in existing markets is the top strategic priority for respondents based in Asia Pacific (APAC), followed by strengthening distribution models, enhancing product offerings, entering new geographic markets and optimising investment portfolio returns.
Factors fuel growth for insurers in APAC include the low penetration of life premiums in the region’s emerging markets, the rising income of a young, upwardly mobile population, urbanization and increasing demand for non-life insurance products. Technology will be the key to unlocking much of this potential around the region.
Although distribution channels are vastly diversified across the region, giving customers an individualized and consistent experience must remain a core focus. The majority of those interviewed in APAC said that investment in technology would be driven by changing customer demands. Accessing new customer segments will require fresh insights from data, which can only be mined if you have the right systems.
To meet that demand and access new customer segments, APAC insurers are investing in customer relationship management systems, digital distribution and customer servicing channels, including mobile platforms and tools to strengthen risk management.
State Street notes that failure to fully align IT and the business will weaken insurers’ ability to counter the threats already coming from nimble technology-and data-savvy rivals. As increasingly mobile and tech-savvy customers become more knowledgeable about products and want to transact on the internet, new market entrants will be eyeing the insurance sector.
-
SIRC: Distinct reinsurance solutions are emerging to address emerging capital strategies: Guy Carpenter
- November 4
As insurers improve their understanding of the risks they are carrying and capital productivity, structured reinsurance and alternative sources of reinsurance capital are being increasingly considered, Guy Carpenter’s Justin Ward says.
-
QBE’s Hammond on transformation and growth
- July 2
The Asia chief executive discusses Covid-19, going digital and restructuring.
-
Swiss Re: Nat cats and man-made disasters in 2018
- April 10
Climate change, increased urbanisation and a growing concentration of assets were on the risk agenda for 2018.
-
Willis Towers Watson: 2019 Asia Market Report
- March 19
Economic uncertainty, more complex risks and tighter underwriting are all influencing Asia's markets.
-
Beazley | What does cyber protection look like from day 1 to day 600 and beyond?
Cybersecurity is no longer just an IT concern, but a governance issue that belongs on the boardroom agenda.
-
Sedgwick | Preparing for the next storm
Insurance industry needs to recalibrate, invest in innovation and strengthen systems, talent and data practices.
-
Peak Re | From climate modelling to market opportunity: Forging a new clarity on Southeast Asia’s climate risk
Southeast Asia's protection gap: a crisis of clarity, not just capital
-
BHSI WICare+ | Accelerating Payments, Empowering Recovery
Launched in cooperation with Steadfast’s Singapore network, WICare+ fills the gaps found in traditional coverage and keeps businesses and their workforce secure by covering up to SG$350,000 in medical expenses per claim.
