By Aaron Berger
On a recent trip to Bangkok and Hong Kong I had the privilege to facilitate a series of discussion on digital transformation in the financial services industry. It always amazes me when I travel to speak with IT managers to find that regardless off the region, the rapidly growing demand for data analytics and digital transformation sparks a tremendous amount of collaborative conversation and energy.
Many IT transformation trends are not confined to countries, but each region does have different challenges and priorities. When we explore these specific challenges we can begin to have more meaningful discussions and formulate better solutions.
During a recent workshop we looked at some of the trends influencing today’s Asia Pacific Insurance industry including:
- Slowing premium growth – Growing gap in e.g., life protection has a negative impact on revenue from premiums, driving the need for alternate sources of revenue and new business models
- Health care reform – Asia Pacific embraces health care reform, creating more demand for insurance products and enabling insurers to raise premiums
- Competitive landscape – a more positive attitude toward foreign investment is encouraging outside companies to compete for local business
- Demand for Digital – Shifting demographics with wealth being controlled by younger population causing demand for better, more automated services, delivered via digital and mobile platforms
- Changing Regulatory Landscape – Regulations designed to protect consumers and encourage new products are driving the
With this as context, let us look at some of the more insurance-specific conversations that came up in the APJ workshop:
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