Study Reveals Healthy Appetite for More AI,
Machine Learning & Cloud-Based Technology Solutions
BOISE,
Idaho and SINGAPORE,
Dec. 7,
2023 /PRNewswire/ -- Clearwater Analytics (NYSE:
CWAN), a leading provider of SaaS-based investment management,
accounting, reporting, and analytics solutions, today published its
2024 Hong Kong & Singapore
Insurance Industry Outlook report. The survey, conducted in October
and November of 2023, engaged over 80 insurers and insurance asset
managers in Hong Kong and
Singapore, representing over
$2.5 trillion in assets under
management.
The survey provides a fascinating look at a wide array of
transformative trends that are top-of-mind for insurers and
insurance asset managers in 2024, including greater M&A
activity, regulatory developments, solvency rules, investing
strategies and associated operational complexities, technology
expenditure, and technology priorities.
Notable findings from the Clearwater study include:
- An expectation of a wave of M&A activity to impact
both Hong Kong and Singapore in 2024, as the region echoes the
wider global industry trend towards consolidation.
- 99% of the industry anticipate allocations towards private
market assets in 2024, but 37% express concerns determining fair
value for these assets.
- 86% see their technology spend rising next year, with
the C-suite prioritizing the implementation of artificial
intelligence (AI), machine learning (ML), and cloud-based
solutions.
"In 2024, insurers in Hong Kong
and Singapore will encounter
increasingly diversified investing strategies, industry-wide
consolidation, exciting new technological advancements, and
emerging regulatory directives," said Tom
Marlatt, Director of Insurance at Clearwater Analytics.
"Despite these transformative trends, our study reveals a
prevailing sense of optimism among insurers and insurance asset
managers that tips the scales in their favor. As insurers assess
their readiness to make progress in the new year, the path forward
will depend on where they find themselves in terms of operational
capabilities, investing strategies, technology adoption and more.
Based on our findings, one priority is clear: the industry will
require modern, trusted technology to deliver high-quality data
that drives greater returns, customization, and ultimately
contributes positively to their bottom line."
Download the 2024 Hong Kong
& Singapore Insurance Industry Outlook Report for the full
insights. To learn more about Clearwater Analytics, speak to an
expert today.
About Clearwater Analytics
Clearwater Analytics (NYSE: CWAN), a global, industry-leading
SaaS solution, automates the entire investment lifecycle. With a
single instance, multi-tenant architecture, Clearwater offers award-winning investment
portfolio planning, performance reporting, data aggregation,
reconciliation, accounting, compliance, risk, and order management.
Each day, leading insurers, asset managers, corporations, and
governments use Clearwater's
trusted data to drive efficient, scalable investing on more than
$6.4 trillion in assets spanning
traditional and alternative asset types. Additional information
about Clearwater can be found
at clearwateranalytics.com.
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SOURCE Clearwater Analytics