Kathmandu. Insurers in the Asia-Pacific region, which manages about $3.8 trillion in assets, say they have been overtaken by outdated technology. While most also claim that they are ahead of the competitors in digital transformation.
That’s according to a new survey by Clearwater Analytics. The study, which surveyed insurance asset management executives in the region, found that 93 per cent of outdated systems were stifling business growth. “The problem was more pronounced in large firms,” the report said, with increased from 90 per cent for insurance companies with assets between $1 billion and $5 billion to 97 per cent for those with management of assets of $50 billion or more. ’
Overall, respondents to the survey reported $3.8 trillion in assets under management. Despite these challenges, 87% of insurance companies said they believe we are ahead of their competitors in their digital transformation efforts. While 19 percent claimed that they were remarkably ahead. Only 1 percent said they were lagging behind.
According to the report, short-term thinking was also cited as a concern. Nearly three-quarters of respondents, or 73 per cent, said their operating models were more focused on current challenges rather than long-term needs. This number has reached 90 percent of the big insurance companies.
Staffing problems related to the old system are adding to the pressure. More than half of the respondents said recruiting people to manage old technology is a problem, the report said, adding that 15 percent cited it as a serious problem. ’
Three-quarters of those surveyed expect this to be an even bigger recruitment challenge in the next 5 years. “Resistance to change is widespread in this sector,” the study report said, adding that almost all respondents (95 percent) said that employees, regardless of company size, oppose new operating models and systems. ’
“These results reveal a gap between how insurers perceive their digital advancement and the reality of managing outdated technology platforms,” Clearwater Analytics said. The research was conducted in October 2025 among 150 senior executives in Australia, Hong Kong and Singapore. –agency
