Insurers In Asia/Pacific Are Increasingly Receptive To IT Outsourcing, Says IDC Financial Insights
October 29, 2009 – According to IDC Financial Insights' latest report, while insurers typically still have the tendency to look inwards rather than outsource, the marketplace is growing increasingly challenging and insurance carriers in Asia/Pacific are becoming more cognizant of the benefits of outsourcing technology in order to compete in today's challenging marketplace.
Insurers here have hitherto been laggards in IT spending, but the economic malaise has driven home the need to create a more dynamic business framework through the assistance of technology. More insights are revealed in the study "Insurance Vendors: Spotlighting the Major Players in Asia/Pacific", which assesses the prominent insurance technology vendors in Asia/Pacific and the products and services they provide.
This report casts the spotlight on three enterprisewide technology firms: CSC, IBM and SAP, and six insurance technology firms: 3i Infotech, Cognizant, EAB Systems, eBao Technologies, Mastek and Perot Systems. It provides a comprehensive coverage of each company including their strategic objectives; approach to product development, deployment and support; value proposition and competitive differentiation; market footprint and client profile; and, overview of major products. It also provides IDC Financial Insights' assessment of the strengths and limitations of these respective vendors.
Li-May Chew, CFA, Senior Research Manager for IDC Financial Insights Asia/Pacific says, " Each company has a unique value proposition, offering nuances in products, services and solutions. For instance, CSC has a large installed base with commendable end-to-end reach, while we applaud IBM's high commitment level to the industry and vast ISV ecosystem of business partners. Amongst the InsTech organizations, 3i Infotech has a laudable front-end solution that addresses the full spectrum of insurance functions, and eBaoTech is viewed as being an aggressive company that has excelled at building brand awareness."
IDC Financial Insights Asia/Pacific recommends that insurers exploring IT outsourcing ascertain that the vendor's offerings correlate with their requirements; make decisions around the extent of customization preferred and the choice of multiple vs. one-system solutions; and, examine the vendor's footprint of reference clients.
To succeed in this market, IDC Financial Insights Asia/Pacific advises technology vendors to identify niches or underserved segments that they can tap into. They must also understand the state of the insurance industry and its shifting client demographics. Ideally, they should assist insurers in building agility and efficiencies; and, help them manage their ecosystem of relationships by leveraging information with greater granularity and insight in order to make smarter, more profitable business decisions.
(Source-IDC Financial Insights)
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