Around 63% of insurance respondents expect to make a change to their core insurance management platforms by the end of 2024 in Singapore, according to a study by Novidea, Legacy Out, Digitalization In The State of Modern Insurance Technologies 2024.
“The data shows that insurance leaders in Singapore are ready to make future-forward decisions about the technological shift required to meet customers’ expectations of a modern, digital-first experience to stay competitive,” said Roi Agababa, CEO of Novidea.
Ready for digital transformation
Based on a survey of 330 full-time, C-level insurance leaders across eight countries, the report revealed that Singapore has traditionally been under-served by technology. Despite this, organisations seek to provide value with their technology investments.
Moreover, respondents from Singapore emphasise onboarding customer-centric technology (70%), compared with 41% globally.
Top challenges with current technology systems include issues with data quality (41%), data privacy and security (35%), and scale (35%). Half the CEOs surveyed cited scale as a top challenge, compared with 33% for the rest of the C-suite.
“Our existing market-leading insurance customers in Singapore have already taken steps to replace their legacy tech stacks, and the survey results indicate that majority of the market will be mobilising digital transformation this year.”
