Upcoming ISG Provider Lens report will evaluate providers of services that help insurance organizations improve, optimize and grow their business through technology
Information Services Group , a leading global technology research and advisory firm, has launched a research study examining providers of services that are enabling a growing number of insurance organizations to modernize their operations for better business outcomes.
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“More insurance companies are now working with outsourcing and technology providers to enhance their capabilities”
The study results will be published in a comprehensive ISG Provider Lens report, called Insurance Services 2022 — BPO and ITO, scheduled to be released in November. The report will cover companies offering services including business process outsourcing (BPO), information technology outsourcing (ITO), business-process-as-a-service (BPaaS) and third-party administration (TPA).
Enterprise buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients.
Many insurance organizations are adopting advanced technologies to modernize services, improve customer experience and grow in a cost-effective way. They are implementing technologies including intelligent automation, straight-through processing (STP), AI and machine learning, often migrating from legacy systems to cloud platforms to enable digital transformation.
“More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Many are forming long-term, mutually beneficial partnerships with providers to become more competitive.”
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ISG has distributed surveys to more than 60 insurance services providers. Working in collaboration with ISG’s global advisors, the research team will produce four quadrants representing the digital services and products the typical insurance enterprise is buying, based on ISG’s experience working with its clients. The four quadrants are:
- Life & Retirement Insurance BPO Services, evaluating outsourcing services such as consulting, technology enablement, policy administration and managed services for providers of insurance types such as life insurance, annuities and supplemental benefits.
- Property & Casualty Insurance BPO Services, assessing outsourcing services for insurance coverage areas including auto, theft, property and natural catastrophe.
- BPaaS and TPA Insurance Services, evaluating providers of BPO and ITO services bundled into a comprehensive service, typically through a licensed provider or third-party administrator.
- Insurance ITO Services, covering both traditional and more modern IT services, including technology support and business transformation programs to improve profitability, optimize costs and enhance customer experience.
Geographically focused reports from the study will cover the global insurance services market and examine products and services available in the U.S., Australia, and U.K. and Europe. ISG analysts Ashish Jhajharia, Angus Macaskill, Jocelyn Cheung and Sandhya Hari Navage will serve as authors of the report.
An archetype report will also be published as part of this study. This report, unique to ISG, is the study of typical buyer types of contact center services as observed by ISG advisors.
A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as insurance services providers can contact ISG and ask to be included in the study.
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