ISG Provider Lens™ report finds insurance
platform providers helping carriers improve customer experience and
move to the cloud
Insurance companies are looking to technology platform partners
to improve customer experience, update legacy systems and move to
the cloud, according to a new report published today by Information
Services Group (ISG) (Nasdaq: III), a leading global technology
research and advisory firm.
The 2021 ISG Provider Lens™ Insurance BPO Platforms
Report for the U.S. finds insurers seeking help from technology
providers to deal with several challenges, including growth, cost
optimization and improved efficiency.
For many insurance companies, legacy technologies are hindering
their ability to innovate and to respond to changing market
conditions, the report adds.
“Older systems prevent carriers from getting a comprehensive
view of their customers that’s needed to offer tailored products,”
said insurance specialist Dennis Winkler, senior director, business
services, for ISG Americas and a co-author of the report. “Insurers
should empower their agents and brokers with sophisticated tools
and technologies they need to do their jobs effectively.”
To deal with legacy technologies, some insurance carriers have
extended the capabilities of old systems, creating even more
complex environments that put them further behind, the report says.
As a result, some carriers are considering modern policy
administration platforms with cloud or hybrid options.
The report also sees insurance carriers embracing the cloud,
which allows them to collaborate within a rich ecosystem of
partners and insurtechs and gives them the ability to test and
deploy new technologies quickly and easily. Cloud technology can
accelerate business growth, enable quick scaling and reduce
operating costs.
Insurance platform providers are also taking steps to help
insurers cut costs, gain efficiencies, increase productivity and
get products to market faster, the report says. In many cases,
platform technology providers are automating processes across the
platform, leading to reduced costs, increased reliability and
improved customer service. Platform providers also are helping
insurers meet a long-standing goal of automating processes by
deploying technologies such as artificial intelligence and machine
learning.
Many platform providers are also offering analytics solutions to
insurance carriers, the report says. Insurance companies are
inundated with both structured and unstructured data that flows in
and out of their organizations from a growing array of sources.
Analytical capabilities are essential for carriers that want to
leverage the data to gain deeper, actionable insights.
In addition, many platform providers are leveraging low-code or
no-code services that allow non-technical business users to create
new websites and apps without needing to learning programming or
write a single line of code, the report says.
The 2021 ISG Provider Lens™ Insurance BPO Platforms
Report evaluates the capabilities of 19 providers across two
quadrants: Life and Retirement Platforms and Property and Casualty
Platforms.
The report names Duck Creek, DXC Technology, EIS, FAST,
Guidewire, Infosys McCamish, Insurity, OneShield and Vitech as
leaders in one quadrant.
In addition, EXL and Instada were named Rising Stars—companies
with “promising portfolios” and “high future potential” by ISG’s
definition—in one quadrant.
Customized versions of the report are available from DXC
Technology and Vitech.
The 2021 ISG Provider Lens™ Insurance BPO Platforms
Report for the U.S. is available to subscribers or for one-time
purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only
service provider evaluation of its kind to combine empirical,
data-driven research and market analysis with the real-world
experience and observations of ISG's global advisory team.
Enterprises will find a wealth of detailed data and market analysis
to help guide their selection of appropriate sourcing partners,
while ISG advisors use the reports to validate their own market
knowledge and make recommendations to ISG's enterprise clients. The
research currently covers providers offering their services
globally, across Europe, as well as in the U.S., Germany,
Switzerland, the U.K., France, the Nordics, Brazil and
Australia/New Zealand, with additional markets to be added in the
future. For more information about ISG Provider Lens research,
please visit this webpage.
A companion research series, the ISG Provider Lens Archetype
reports, offer a first-of-its-kind evaluation of providers from the
perspective of specific buyer types.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading
global technology research and advisory firm. A trusted business
partner to more than 700 clients, including more than 75 of the
world’s top 100 enterprises, ISG is committed to helping
corporations, public sector organizations, and service and
technology providers achieve operational excellence and faster
growth. The firm specializes in digital transformation services,
including automation, cloud and data analytics; sourcing advisory;
managed governance and risk services; network carrier services;
strategy and operations design; change management; market
intelligence and technology research and analysis. Founded in 2006,
and based in Stamford, Conn., ISG employs more than 1,300
digital-ready professionals operating in more than 20 countries—a
global team known for its innovative thinking, market influence,
deep industry and technology expertise, and world-class research
and analytical capabilities based on the industry’s most
comprehensive marketplace data. For more information, visit
www.isg-one.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210512005634/en/
Will Thoretz, ISG +1 203 517 3119 will.thoretz@isg-one.com
Cait Buckley, Matter Communications for ISG +1 617 874 5214
isg@matternow.com
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