Insurance executives across Asia Pacific are accelerating into private markets. Within five years, the 150 executives surveyed by Clearwater Analytics  expect to allocate a third of their combined $3.8 trillion in assets to private debt, private equity, infrastructure and other alternatives up from 20% today.

The infrastructure supporting these ambitions, however, is not keeping pace.

Ninety-three percent of those same executives acknowledge that legacy technology is already constraining their business, even as they press forward with allocations that demand more from it, not less. The asset classes they are moving into fastest are the ones their systems are least prepared to handle.

“The firms that will lead the next phase of growth in Asia Pacific are already asking the right questions: does our infrastructure match our ambition, and does our scale allow us to compete as this market becomes more complex?” said Shane Akeroyd, Chief Strategy Officer and President of Asia Pacific, Clearwater Analytics. “Those that close the capability gap now are not just solving a technology problem. They are positioning themselves to lead what comes next.”