- 63% of Singapore’s insurance market plans to replace core management systems in 2024
- The majority of Singaporean insurance leaders prioritise onboarding technology to enhance customer value
- The key challenges faced by insurance leaders in Singapore include data quality, data privacy and security, and scalability
According to a recent global study by Novidea, 63% of Singapore’s insurance market is planning to replace its core management systems in 2024. The study, titled “Legacy Out, Digitalization In: The State of Modern Insurance Technologies 2024,” highlights the struggle faced by insurance organizations with aging technology that is difficult to manage and leverage for digital transformation. The report also reveals that 50% of insurance leaders in Singapore have not upgraded their core management platforms in the past 5-10 years.
The complexity of managing legacy systems is hindering digital transformation efforts in Singapore. However, Singaporean insurance leaders are at the forefront of recognizing the importance of modern, customer-centric experiences. 70% of insurance leaders in Singapore prioritize onboarding technology that enhances customer value, compared to the global average of 41%.
Key challenges faced by insurance leaders in Singapore include data quality, data privacy and security, and scalability. These challenges reflect the need for insurance organizations to adapt their technology infrastructure to meet the changing demands of the industry and stay competitive in the market.
Overall, the study highlights the need for insurance organizations in Singapore to replace their outdated technology with modern systems that can better support digital transformation and meet customers’ expectations.