Insurance companies in Europe are navigating increasingly difficult business conditions with the help of service providers that understand the industry’s many challenges and partner closely with insurers, according to a new research report published by Information Services Group a leading global technology research and advisory firm.
“To build new products and business models, traditional insurance companies need responsive design, swift deployment and rapid scalability”
The 2022 ISG Provider Lens Insurance Services report for Europe finds that rising claims in the early part of the COVID-19 pandemic were followed by a series of other impacts on the insurance industry, including inflation, geopolitical uncertainties, cyberattacks and property damage from climate-related disasters. Insurers in Europe and other regions now face a state of “permacrisis,” the report says.
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“European insurers are facing challenging market conditions,” said Anna Medkouri, ISG partner and insurance lead in EMEA. “In addition to contending with a difficult business environment, they need better technology to adapt to new ways of working, new regulations and new consumer expectations.”
Among new, digital-native customers, preferences are shifting from commodity off-the-shelf insurance products to more personalized offerings, ISG says. Companies are working with providers to implement platforms for developing targeted products using AI and machine learning. This ongoing process requires insurers to reinvent processes, business models and even company culture, so they are seeking providers with expertise in consulting and transformation in addition to traditional BPO.
A huge skills shortage across Europe has heightened insurers’ technology challenges, the report says. Restrictions imposed through Brexit have made it harder for workers with the necessary business and technology skills to move between the U.K. and continental Europe, and most insurance companies have difficulty attracting, hiring and retaining technology talent. As a result, they are increasingly turning to BPO providers to rearchitect their workforces
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“To build new products and business models, traditional insurance companies need responsive design, swift deployment and rapid scalability,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Service providers have the knowledge and workforces to deliver those capabilities.”
The report also examines other trends affecting insurance services in Europe, including the integration of innovative startups and the gradual adoption of value-based provider contracts.
The 2022 ISG Provider Lens Insurance Services report for Europe evaluates the capabilities of 33 providers across three quadrants: Life and Retirement Insurance BPO Services, Property and Casualty Insurance BPO Services and Insurance ITO Services.
The report names Accenture, Cognizant and TCS as Leaders in all three quadrants. It names Genpact, Infosys and WNS as Leaders in two quadrants each. Atos, Capgemini, CGI, EXL, NTT DATA, Tech Mahindra and Wipro are named as Leaders in one quadrant each.
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