ASIA’S INSURERS UP THEIR IT SPENDING

The Asian insurance industry is expected to increase its spending on IT to $5bn over the next five years, a new report suggests. The survey, carried out by Springboard Research looked at the leading insurance markets in Asia, excluding Japan. It found that Australia represented nearly a third of insurance IT spending and the top five - Australia, China, Korea, India and Taiwan - accounted for 86% of the regional market vertical. Insurers are most likely to target their IT spend on industry-specific functions such as claims management, policy administration, underwriting and sales.