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Industry IT chiefs target process improvements

Process optimisation is the biggest influence on IT plans among life insurance chief information officers in the Asia-Pacific region this year, according to a survey by research house Celent.

Artificial intelligence is gaining in importance, while growth and regulatory requirements are other key factors driving IT investment.

Innovation has declined in importance, Celent’s survey shows.

About 12% of regional life chief information officers say artificial intelligence programs are under way, while 18% will begin this year. About 53% are in the planning process.

About 71% say the activity level for business process automation is very high or high.

Some 58% of respondents are monitoring insurtech activities and offerings.

About 76% report operational excellence programs are under way, with 6% complete and 6% to begin this year.

Digital change is the second most important initiative this year, with 71% of respondents under way and 12% due to begin this year. About 12% say it is not under consideration.

Some 18% of respondents say legacy modernisation has been completed in the past three years, while 29% say it is under way and 24% will begin this year.

Innovation is no longer a top priority, with 24% of Asia-Pacific chief information officers saying it is not under consideration.

More than half intend to increase IT budgets by more than 10%, reflecting investments in mobile device improvement, business rules management, predictive analytics and business intelligence.

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