Insurance growth crippled by legacy tech despite 82% claiming leadership

Short-term operational panics actively kill long-term strategic planning for local carriers.

Nearly all insurers in Singapore (98%) said outdated technology is constraining business growth, even as 82% claim to be ahead in digital adoption, according to research from Clearwater Analytics.

Around 70% of executives said their companies remain focused on short-term challenges rather than longer-term strategic issues, whilst half reported difficulties hiring staff to manage legacy systems. Around 8% flagged that this is a ‘serious problem’ whilst 28% of the executives suggested the problem was relatively minor.

Cultural resistance was highlighted by 96% of respondents, who said staff are reluctant to adopt new operating models and systems, and 72% pointed to a lack of workforce diversity as a factor limiting innovation.

Meanwhile, insurers in Singapore are bracing for a surge in M&A activity in their domestic markets. Almost all (94%) predict a rise in domestic M&A over the next three years, and around 10% predict a dramatic increase.

The survey was conducted with Singapore-based insurance asset management executives at firms with total assets under management of $1.04t.

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