New Clearwater Analytics Report Highlights Key Considerations for APAC Insurers in 2024

Clearwater Analytics (NYSE: CWAN), a leading provider of SaaS-based investment management, accounting, reporting, and analytics solutions, has 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.”