New Clearwater Analytics Report Highlights Key Considerations for APAC Insurers in 2024

Rhea-AI Summary

Clearwater Analytics (NYSE: CWAN) has published its 2024 Hong Kong & Singapore Insurance Industry Outlook report, revealing transformative trends and a healthy appetite for AI, machine learning, and cloud-based technology solutions. The study engaged over 80 insurers and insurance asset managers, representing over $2.5 trillion in assets under management. Notable findings include expectations of M&A activity, increased allocations towards private market assets, rising technology spend, and a prevailing sense of optimism among industry professionals.

Positive

• Expectation of a wave of M&A activity in Hong Kong and Singapore in 2024
• 99% of the industry anticipate allocations towards private market assets in 2024
• 86% see their technology spend rising next year
• Clearwater Analytics Director of Insurance, Tom Marlatt, emphasizes the need for modern, trusted technology to drive greater returns and contribute positively to the bottom line

Negative

• None.

Study Reveals Healthy Appetite for More AI, Machine Learning & Cloud-Based Technology Solutions

BOISE, Idaho and SINGAPORE, Dec. 7, 2023 /PRNewswire/ -- Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, today published its 2024 Hong Kong & Singapore Insurance Industry Outlook report. The survey, conducted in October and November of 2023, engaged over 80 insurers and insurance asset managers in Hong Kong and Singapore, representing over $2.5 trillion in assets under management.

The survey provides a fascinating look at a wide array of transformative trends that are top-of-mind for insurers and insurance asset managers in 2024, including greater M&A activity, regulatory developments, solvency rules, investing strategies and associated operational complexities, technology expenditure, and technology priorities.

Notable findings from the Clearwater study include:

• An expectation of a wave of M&A activity to impact both Hong Kong and Singapore in 2024, as the region echoes the wider global industry trend towards consolidation.
• 99% of the industry anticipate allocations towards private market assets in 2024, but 37% express concerns determining fair value for these assets.
• 86% see their technology spend rising next year, with the C-suite prioritizing the implementation of artificial intelligence (AI), machine learning (ML), and cloud-based solutions.

"In 2024, insurers in Hong Kong and Singapore will encounter increasingly diversified investing strategies, industry-wide consolidation, exciting new technological advancements, and emerging regulatory directives," said Tom Marlatt, Director of Insurance at Clearwater Analytics. "Despite these transformative trends, our study reveals a prevailing sense of optimism among insurers and insurance asset managers that tips the scales in their favor. As insurers assess their readiness to make progress in the new year, the path forward will depend on where they find themselves in terms of operational capabilities, investing strategies, technology adoption and more. Based on our findings, one priority is clear: the industry will require modern, trusted technology to deliver high-quality data that drives greater returns, customization, and ultimately contributes positively to their bottom line."

Download the 2024 Hong Kong & Singapore Insurance Industry Outlook Report for the full insights. To learn more about Clearwater Analytics, speak to an expert today.

About Clearwater Analytics

Clearwater Analytics (NYSE: CWAN), a global, industry-leading SaaS solution, automates the entire investment lifecycle. With a single instance, multi-tenant architecture, Clearwater offers award-winning investment portfolio planning, performance reporting, data aggregation, reconciliation, accounting, compliance, risk, and order management. Each day, leading insurers, asset managers, corporations, and governments use Clearwater's trusted data to drive efficient, scalable investing on more than $6.4 trillion in assets spanning traditional and alternative asset types. Additional information about Clearwater can be found at clearwateranalytics.com.

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SOURCE Clearwater Analytics

FAQ

What is the company name and ticker symbol of the organization mentioned in the press release?

The company is Clearwater Analytics and its ticker symbol is CWAN.

What are the key findings of the 2024 Hong Kong & Singapore Insurance Industry Outlook report?

The report reveals expectations of M&A activity, increased allocations towards private market assets, rising technology spend, and a prevailing sense of optimism among industry professionals.

Who conducted the survey mentioned in the press release?

The survey was conducted by Clearwater Analytics.

What is the total value of assets under management represented in the survey?

The survey engaged over 80 insurers and insurance asset managers, representing over $2.5 trillion in assets under management.

What are the technology priorities highlighted in the report?

The report emphasizes the implementation of artificial intelligence (AI), machine learning (ML), and cloud-based solutions as technology priorities.

What does the Director of Insurance at Clearwater Analytics, Tom Marlatt, emphasize based on the findings?

Tom Marlatt emphasizes the need for modern, trusted technology to drive greater returns and contribute positively to the bottom line.