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Celent on IT insurance spending : Robust growth expected in Asia

Celent issued a report earlier in the year providing  global perspective on IT spending in the insurance industry.

The digital insurer and IT spending celent report

Asia insurance spending showing robust growth

The Digital Insurer was provided  a copy of the report and has summarised some of the key findings from an Asia Pacific perspectives:

 

  •  By the end of 2013 total IT insurance spending life and non life will be just short of US$30 billion – with growth of 6% in each of 2013 and 2014 forecast
  • Life & health accounts for just less than 2/3rds of total expenditure
  • Spending in external software and services shows the highest growth rates at over 8% in both 2013 and 2014 as insurers continue to realise that external companies can offer better solutions than are available in-house
  • Just over one third of IT spending in Asia is on new investments with the balance on maintenance

Celent have identified 3 key areas for investment – process automation, agency distribution & new digital channels. see table below for  details.

 

The Digital insurer & Celent IT spending report

IT Insurance Spending trends. Source : Celent : IT spending trends – a global perspective

 

 

For further information and a copy of the full report please visit the Celent site.

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