Study assesses products and services provided by the insurance technology vendors in the region
The marketplace is growing increasingly challenging and the insurance carriers in Asia/Pacific are becoming more receptive to the benefits of outsourcing technology to compete in the marketplace, according to a report released by IDC Financial Insights. The study named ‘Insurance Vendors: Spotlighting the Major Players in Asia/Pacific’ assesses the prominent insurance technology vendors in Asia/Pacific and the products and services they provide.
The latest report highlights three enterprisewide technology firms such as CSC, IBM and SAP, and six insurance technology firms which include 3i Infotech, Cognizant, EAB Systems, eBao Technologies, Mastek and Perot Systems.
The report provides a 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.
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 customisation preferred and the choice of multiple versus one-system offering; and examine the vendor’s footprint of reference clients.
It also 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.
Li-May Chew, senior research manager for IDC Financial Insights Asia/Pacific, said: 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 organisations, 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.