This paper by Equinix and Kapronasia will examine the changes that are taking place in China’s insurance market, the implications, challenges and how the advent of advanced data analytics (ADA) will play an increasingly important role in the industry.
In the past 10 years, China’s financial industry has seen countless reforms as the government both modernizes and opens up the financial industry in an effort to make the country one of the key financial centers globally, including elevating China’s insurance industry to the level of its international peers.
The right technology infrastructure for insurers requires an Interconnected Oriented Architecture™ (IOA) that enables:
Many [Chinese] insurers have robust customer facing platforms and technology can help them to address their customer needs, but increasingly these systems will need to be the basis of a much more sophisticated data analysis platform. It is that technology that will not only help firms to meet their regulatory requirements, but increasingly develop a competitive advantage in the industry.