Companies adopt modern core systems for
agility, faster product rollouts, better decision-making, ISG
Provider Lens™ report says
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240711637493/en/
Press: Will Thoretz, ISG +1 203 517 3119
will.thoretz@isg-one.com Julianna Sheridan, Matter Communications
for ISG +1 978-518-4520 isg@matternow.com
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