Upcoming ISG Provider Lens study will evaluate service providers helping insurance organizations improve customer value creation
Information Services Group, a leading global technology research and advisory firm, has launched a research study examining service providers helping insurance companies enhance their performance through digital transformation.
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“These partners also must help insurance organizations attain cost optimization across the value chain.”
Study results will be published in a comprehensive ISG Provider Lens™ report called Insurance Services, scheduled to be released in December. The report will evaluate providers of life and retirement (L&R) and property and casualty (P&C) business process outsourcing (BPO) services, L&R and P&C third-party administrator (TPA) services, and insurance information technology outsourcing (ITO) services.
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.
Insurance organizations are adopting technology rapidly to enhance operational resilience and delivery capabilities and are migrating to outsourcing and technology partners to realize strategic objectives. Firms are in various stages of digital transformation, including implementing low-code/no-code development for straight-through processing (STP), embedding intelligence in process automation, exploring AI and ML applications and migrating from legacy to cloud solutions.
“Insurance organizations require strategic partnerships with outsourcing and technology providers to transform their business operations for better customer experience,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “These partners also must help insurance organizations attain cost optimization across the value chain.”
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For the study, ISG has distributed surveys to more than 65 providers of insurance services. Working in collaboration with ISG’s global advisors, the research team will produce five quadrants representing the services and solutions the typical enterprise is deploying based on ISG’s experience working with its clients. The five quadrants are:
- Life and Retirement (L&R) Insurance BPO Services, evaluating providers of services that manage business processes on a client’s behalf, enhancing those processes via digitizing and incorporating emerging technologies such as intelligent automation, advanced analytics, and AI and ML to provide speed, cost and accuracy benefits.
- Property and Casualty (P&C) Insurance BPO Services, assessing providers offering outsourcing services such as consulting, technology enablement and managed services. Providers must demonstrate expertise in enabling business processes with digital technologies, including intelligent automation, advanced analytics, cloud and cybersecurity.
- Life and Retirement (L&R) Insurance TPA Services, examining licensed providers and TPAs combining BPO and ITO to provide L&R insurance companies with all-encompassing business-process-as-a-service (BPaaS), including policy administration systems (PAS).
- Property and Casualty (P&C) Insurance TPA Services, assessing licensed providers and TPAs that offer BPaaS, including PAS, to the P&C sector.
- Insurance ITO Services, examining providers with skills to transform insurers’ legacy systems using modern digital technologies for improved CX and agent experience. Providers must offer technology support and business transformation programs.
The study will examine products and services available in North America and Europe. ISG analyst Ashish Jhajharia will serve as author of both the North America and Europe reports.
A list of identified providers and vendors and further details on the study are available in this digital brochure. Providers not listed in the brochure can contact ISG and ask to be included in the studies.
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