Report Detail
ICT in Insurance Industry in India 2012
- RnM2777921 |
- 24 June, 2019 |
- Global |
- 392 Pages |
- Netscribes |
- Technology
ICT adoption in Insurance Industry is expected to witness a dynamic growth in the ensuing years. Currently, the adoption of ICT in insurance industry is undergoing through a dynamic growth rate owing to the growing complexities arising from huge customer base. Insurers primarily implement technology in the areas of customer service, data analytics and process management.
With the ongoing growth in customer base and daily transactions, insurers in India are gradually shifting their focus towards the adoption of ICT oriented tools, services and platforms. Till now, the ICT adoption in insurance industry has occurred in a phased manner, wherein it has exhibited a steady but impressive growth rate over the years. ‘Judging by the current scenario in the market, ICT spending by insurers in India stood at INR 76.17 bn in 2011 and is anticipated to grow at a CAGR of around 14% till 2015,” says Mr. Kalyan Banga, Product Manager at Netscribes. Maturing along with technology standards, the current ICT landscape within the insurance industry can be associated with rising demand and cut throat competition amongst the ICT vendors. Types and attributes of the solutions that experiences the most demand within the insurance sector have also changed over the years. “Primarily, technologies focused to provide better customer services are preferred the most. Analysis of colossal amount of data and information along with generating insights from these data are also experiencing exponential surge in demand. Advancement in the field of mobile technology and the immense popularity of social networking sites has also grabbed the attention of industry significantly,” noted Kalyan.
The report begins with a snapshot of the insurance industry which briefs about the facts and figures of insurers operating in India. It lists down the number of insurers operating in the sector along with the segmentation of public and private insurers. Hierarchy of the Indian insurance industry is well illustrated for which gives a brief highlight about the operational model of the industry. It also enlists the primary drivers and challenges for the overall insurance industry. “Primary reasons to propel the market forward comprises of young consumer segment, wide range of products, technological advancement and growing middle class, whereas the basic challenges faced by the sector are the tight premium rates and dependence on overseas re-insurers,” says Kalyan. Moving along the report features a section on the ICT in Insurance wherein the growth rate and spending on ICT is enlisted in great details. “IT spending basically comprises the costs associated with hardware, software and services while the telecom services mainly includes support and services,” added Kalyan. The report covers an explicit break up of IT expenses of insurers in terms of hardware, software and services.
This section is followed by the Key Technology section which enlightens the readers about the major tools and services currently being used. For the better understanding of these tools, architectural diagrams have also been included. Further, the government initiatives pertaining to technology have also been listed to give a brief idea about the main functional areas bounded by regulations. Technological barriers and benefits prevailing in the industry have been covered under the drivers and challenges section.
Trends identified in the technology domain have been summarized in the following section named, trends in the insurance industry. “As of now, the trend in the sector is to target the mass audience, facilitate seamless flow of data within the company and reducing the total cost of ownership,” noted Kalyan.
Key ICT vendors have been profiled in details within the report which enables readers to get a clear picture of the current competitive scenario. The section lists the basic details of the players such as corporate information, business highlights and key members. The section also features financial analysis of all ICT players which in turn provides us with the financial health of players. To derive at a better understanding of these companies, SWOT analysis of individual companies has also been included.
Moving along the report features a section on IT landscape of India insurers which has been derived after an extensive primary and secondary research and analysis. The section talks about the IT infrastructure of all insurance companies operating in India. Technology implementation portion in this segment lists down all existing IT infrastructure in great detail.
The report concludes with a section on strategic recommendations which comprises of an analysis of the growth strategies of the digital camera market in India.
Page 1: Executive summary
Insurance Industry - Snapshot
Page 2: Indian Insurers - History
Page 3: Insurance Industry - Snapshot (India), Registered Insurers - India (2011), Life and Non-Life Insurance Market Share (2009-10 & 2010-11)
Page 4: Insurance Industry Hierarchy - Illustration
Page 5: Insurance Industry - Drivers
Page 6: Insurance Industry - Challenges
ICT in Insurance - Overview
Page 7: ICT in Insurance - Overview, IT Adoption Phases - Insurers
Page 8: ICT Spending - Indian Insurance Industry, Analysis of ICT Spending - Indian Insurance Spending
Page 9: IT Expenditure Segmentation - Insurance, Hardware, Software and Service
Page 10: Hardware Expenditure - Segmentation (2009, 2010, 2011, 2012e, 2013e, 2014e, 2015e & 2020e)
Page 11: Software Expenditure - Segmentation (2009, 2010, 2011, 2012e, 2013e, 2014e, 2015e & 2020e)
Page 12: Service Expenditure - Segmentation (2009, 2010, 2011, 2012e, 2013e, 2014e, 2015e & 2020e)
Key Technologies Adopted
Page 13: Web Based Portals, Mobile Applications
Page 14: Illustration - Web Based Portal Basic Service Areas
Page 15: Illustration - Mobile Applications Basic Framework
Page 16: Business Intelligence, Customer Relationship Management
Page 17: Illustration - Typical Architectural Model of Business Intelligence
Page 18: Illustration - Basic CRM Framework
Government Initiatives
Page 19: Government Initiatives - Selling of High Value ULIPs via Telemarketing Forbidden and Setting up Integrated Grievances Management System (IGMS)
Drivers and Challenges
Page 20: Summary
Page 21-24: Drivers
Page 25: Challenges
Trends in Insurance Industry
Page 26: ICT Insurance Industry - Trends, SOA, Cloud Computing and Web 2.0
SOA
Page 27-28: SOA - Insurance Industry, How it works, An Example, Basic Benefits and Some Drawbacks
Cloud Computing
Page 29: Cloud Computing - Insurance Industry
Page 30: Illustration - A Typical Model of Cloud Model - Insurance
Web 2.0
Page 31: Web 2.0 - Insurance Industry
Page 32: Facebook, Twitter and Linkedin, Statistics and Analysis
Key ICT Vendors
Page 33: Major Public Companies - Summary
Page 34: CMC Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 35: CMC Ltd. - Financial Snapshot, Key Ratios, Key Financial Performance Indicators and Financial Summary
Page 36: CMC Ltd. - Key Business Segments, Key Geographic Segments and Key Recent Developments
Page 37: CMC Ltd. - SWOT Analysis
Page 38: Tata Consultancy Services Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 39: Tata Consultancy Services Ltd. - Financial Snapshot, Key Ratios, Key Financial Performance Indicators and Financial Summary
Page 40: Tata Consultancy Services Ltd. - Key Business Segments, Key Geographic Segments and Key Recent Developments
Page 41: Tata Consultancy Services Ltd. - SWOT Analysis
Page 42: Wipro Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 43: Wipro Ltd. - Financial Snapshot, Key Ratios, Key Financial Performance Indicators and Financial Summary
Page 44: Wipro Ltd. - Key Business Segments, Key Geographic Segments and Key Recent Developments
Page 45: Wipro Ltd. - SWOT Analysis
Page 46: Major Private Companies - Summary
Page 47: CISCO Systems India Pvt. Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 48: CISCO Systems India Pvt. Ltd. - Financial Snapshot, Key Ratios and Financial Summary
Page 49: CISCO Systems India Pvt. Ltd. - Business Highlights
Page 50: CISCO Systems India Pvt. Ltd. - SWOT Analysis
Page 51: Computer Sciences Corporation India Pvt. Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 52: Computer Sciences Corporation India Pvt. Ltd. - Financial Snapshot, Key Ratios and Financial Summary
Page 53: Computer Sciences Corporation India Pvt. Ltd. - Business Highlights
Page 54: Computer Sciences Corporation India Pvt. Ltd. - SWOT Analysis
Page 55: Hewlett Packard India Software Operation Pvt. Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 56: Hewlett Packard India Software Operation Pvt. Ltd. - Financial Snapshot, Key Ratios and Financial Summary
Page 57: Hewlett Packard India Software Operation Pvt. Ltd. - Business Highlights
Page 58: Hewlett Packard India Software Operation Pvt. Ltd. - SWOT Analysis
Page 59: IBM Global Services India Pvt. Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 60: IBM Global Services India Pvt. Ltd. - Financial Snapshot, Key Ratios and Financial Summary
Page 61: IBM Global Services India Pvt. Ltd. - Business Highlights
Page 62: IBM Global Services India Pvt. Ltd. - SWOT Analysis
Page 63: Microsoft Corporation India Pvt. Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 64: Microsoft Corporation India Pvt. Ltd. - Financial Snapshot, Key Ratios and Financial Summary
Page 65: Microsoft Corporation India Pvt. Ltd. - Business Highlights
Page 66: Microsoft Corporation India Pvt. Ltd. - SWOT Analysis
Page 67: Newgen Software Technologies Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 68: Newgen Software Technologies Ltd. - Financial Snapshot, Key Ratios and Financial Summary
Page 69: Newgen Software Technologies Ltd. - Business Highlights
Page 70: Newgen Software Technologies Ltd. - SWOT Analysis
Page 71: Oracle Software India Pvt. Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 72: Oracle Software India Pvt. Ltd. - Financial Snapshot, Key Ratios and Financial Summary
Page 73: Oracle Software India Pvt. Ltd. - Business Highlights
Page 74: Oracle Software India Pvt. Ltd. - SWOT Analysis
Page 75: Planet Soft Systems Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 76: Planet Soft Systems Ltd. - Financial Snapshot, Key Ratios and Financial Summary
Page 77: Planet Soft Systems Ltd. - Business Highlights
Page 78: Planet Soft Systems Ltd. - SWOT Analysis
Page 79: Red Hat India Pvt. Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 80: Red Hat India Pvt. Ltd. - Financial Snapshot, Key Ratios and Financial Summary
Page 81: Red Hat India Pvt. Ltd. - Business Highlights
Page 82: Red Hat India Pvt. Ltd. - SWOT Analysis
Page 83: Talisma Corporation Pvt. Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 84: Talisma Corporation Pvt. Ltd. - Financial Snapshot, Key Ratios and Financial Summary
Page 85: Talisma Corporation Pvt. Ltd. - Business Highlights
Page 86: Talisma Corporation Pvt. Ltd. - SWOT Analysis
Page 87: Teradata India Pvt. Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 88: Teradata India Pvt. Ltd. - Financial Snapshot, Key Ratios and Financial Summary
Page 89: Teradata India Pvt. Ltd. - Business Highlights
Page 90: Teradata India Pvt. Ltd. - SWOT Analysis
Page 91: VMware Software India Pvt. Ltd. - Company Information, Offices and Centres - India, Products and Services and Key People
Page 92: VMware Software India Pvt. Ltd. - Financial Snapshot, Key Ratios and Financial Summary
Page 93: VMware Software India Pvt. Ltd. - Business Highlights
Page 94: VMware Software India Pvt. Ltd. - SWOT Analysis
ICT Landscape - Indian Insurers
Page 95-390: Indian Insurance Players - General Insurers, Life Insurers and Health Insurers (Corporate Information, Business Highlights, Products and Services, ICT Implemented and Sales Intelligence)
Strategic Recommendations
Page 391: Strategic Recommendations
Appendix
Page 392: Appendix
Summary:
Get latest Market Research Reports on ICT in Insurance . Industry analysis & Market Report on ICT in Insurance is a syndicated market report, published as ICT in Insurance Industry in India 2012. It is complete Research Study and Industry Analysis of ICT in Insurance market, to understand, Market Demand, Growth, trends analysis and Factor Influencing market.
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