Asia-Pacific and emerging economies are the only bright spots in an otherwise bleak outlook for the insurance sector in 2013.
A report from Ovum said that continued economic pressure will force the insurance industry to take a more innovative approach to the role of technology in decision-making and operations. The analyst firm identified a focus on mobile solutions, advanced analytics and near-real-time systems as key.
Economic problems, including struggles with keeping the eurozone whole, protests in the streets, volatile financial markets, high unemployment and low rates of growth in the developed world, will combine to make the 2013 economy a difficult environment in which to generate profitable growth.
"There is no hiding that 2013 will be another tough year for the insurance sector", commented Barry Rabkin, principal analyst for insurance technology at Ovum. "The insurance demands of the growing middle class in the emerging economies and the continued economic growth in the Asia-Pacific region provide the only positive news for insurers as we approach 2013."
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