New Platforms Let Asia Pacific Insurers Tap Into Growth
Insurance companies in Asia Pacific are increasingly adopting advanced technology platforms to stay competitive in a rapidly growing market, according to the 2024 ISG Provider Lens™ Insurance Platform Solutions report.
These modern core systems enhance agility, speed up product rollouts, and improve decision-making, despite challenges like tight budgets and weak balance sheets. The report highlights that insurers in less mature markets such as India, Thailand, and Malaysia are leading this transformation to capitalize on double-digit growth rates.
Key benefits of digital platforms include higher efficiency, scalability, better security, and improved customer experience. Many insurers are also leveraging AI and cloud computing for data modernization and operational improvements.
The report evaluates the capabilities of 28 providers and names Peak3, Sapiens, and TCS BaNCS as leaders in both Life and Retirement and Property and Casualty Insurance Platform Solutions quadrants.
- Adoption of modern core systems enhances agility, product rollouts, and decision-making.
- Insurers in rapidly expanding markets like India, Thailand, and Malaysia are upgrading systems to capture double-digit growth.
- Digital platforms provide benefits such as higher efficiency, scalability, better security, and improved customer experience.
- Integration of AI and cloud computing improves operations and decision-making.
- Challenges include tight budgets and weak balance sheets, which slow down system upgrades.
- High costs and risks associated with new system implementations.
Companies adopt modern core systems for agility, faster product rollouts, better decision-making, ISG Provider Lens™ report says
The 2024 ISG Provider Lens™ Insurance Platform Solutions report for
“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
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
To get the most benefit from new technologies, especially AI platforms that can improve operations and decision-making, many insurers in
“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
For more insights into the technology challenges facing insurance companies in
The 2024 ISG Provider Lens™ Insurance Platform Solutions report for
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
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
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
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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
Source: Information Services Group, Inc.
FAQ
What are the benefits of adopting modern core systems for insurance companies in Asia Pacific?
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What challenges do insurance companies in Asia Pacific face when upgrading their systems?
Which companies are named as leaders in the 2024 ISG Provider Lens™ Insurance Platform Solutions report for Asia Pacific?
