SYDNEY--(BUSINESS WIRE)--Many insurance companies in Asia Pacific are starting to implement advanced technology platforms to better capture additional business in a fast-growing region for the industry, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm.
The 2024 ISG Provider Lens™ Insurance Platform Solutions report for Asia Pacific says that insurers need modern core platforms to remain competitive.
“Companies are eagerly exploring new systems so they can move away from technology environments they have used for decades,” said Michael Gale, partner and regional leader, ISG Asia Pacific. “There has been a massive realization that meeting new customer demands will require investing in technology.”
While insurance is a younger and faster-growing industry across Asia Pacific than in North America or Europe, its expansion is fastest where insurance markets are least mature, such as in India, Thailand and Malaysia, ISG says. Insurance companies are upgrading systems most rapidly in these markets, seeking to take advantage of double-digit growth rates in some product categories.
Many insurers in the region are making new technology investments despite strong headwinds, including tight budgets and often weak balance sheets, ISG says. High cost, a wide range of technology choices and the risks of implementing new systems have slowed the process at some companies.
However, moving from mainframe-based infrastructure to modern digital platforms enables faster time to market and many other benefits, including higher efficiency and scalability, tighter security, better decision-making and improved customer experience, the report says. Insurers in Asia Pacific are also using digital transformation as an opportunity to implement cloud computing and modern Agile and DevOps methodologies.
To get the most benefit from new technologies, especially AI platforms that can improve operations and decision-making, many insurers in Asia Pacific are recognizing the need to modernize their data systems, ISG says.
“AI cannot produce optimal results from siloed or unreliable legacy data,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Qualified providers are helping insurance companies clean up their data before implementing the new generation of tools.”
The report also examines other Asia Pacific insurance industry trends, including the growing importance of scalable policy administration systems and the role of low-code/no-code platforms in modernization projects.
For more insights into the technology challenges facing insurance companies in Asia Pacific, including undocumented legacy systems and a low level of trust by insurance customers, plus ISG’s advice on overcoming these hurdles, see the ISG Provider Lens™ Focal Points briefing here.
The 2024 ISG Provider Lens™ Insurance Platform Solutions report for Asia Pacific evaluates the capabilities of 28 providers across two quadrants: Life and Retirement Insurance Platform Solutions and Property and Casualty Insurance Platform Solutions.
The report names Peak3 (ZA Tech), Sapiens and TCS BaNCS as Leaders in both quadrants. It names Duck Creek, FINEOS, Guidewire, Infosys McCamish, IXT, Sinosoft and SSP as Leaders in one quadrant each.
In addition, KGiSL is named as a Rising Star — a company with a “promising portfolio” and “high future potential” by ISG’s definition — in both quadrants, and iNube is named as a Rising Star in one quadrant.
The 2024 ISG Provider Lens™ Insurance Platform Solutions report for Asia Pacific is available to subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including AI and automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.
