ISG to Publish Studies on Insurance Platform, BPO Service Providers
October 14 2021 - 10:44AM
Business Wire
The two ISG Provider Lens™ reports will
examine how providers are helping insurance carriers modernize
their IT systems
Information Services Group (ISG) (Nasdaq: III), a leading global
technology research and advisory firm, has launched two research
studies examining the capabilities of platform and business process
outsourcing (BPO) providers serving the insurance industry.
The study results will be published in two comprehensive ISG
Provider Lens™ reports, called Insurance Platform Solutions and
Insurance BPO Services, scheduled to be released in March. The
reports will evaluate service providers helping insurance carriers
with digital transformation efforts and with replacing legacy IT
systems.
Enterprise buyers will be able to use information from the
reports 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.
The new reports focus on ways that service providers are helping
insurance carriers modernize their IT systems and deliver better
customer experiences, said Paul Schreiner, partner and insurance
industry leader for ISG. “Insurance companies are looking to
advanced technologies to help them achieve their goals,” he said.
“They are turning to sourcing partners to help them leverage
technology to develop innovative products and services, get them to
market quickly and improve customer experience—all while achieving
operational efficiencies and lowering costs.”
For the insurance platforms report, ISG has distributed surveys
to more than 85 platform providers. Working in collaboration with
ISG’s global advisors, the research team will produce two quadrants
representing the services and products the typical enterprise
client is buying in the insurance platforms space, based on ISG’s
experience working with its clients. The two quadrants that will be
covered are:
- Life and Retirement Platforms, covering providers
targeting insurance carriers offering life and retirement policies.
These platforms typically cover life insurance, annuities,
supplemental benefits, retirement plans, pension risk transfer and
structured settlements.
- Property and Casualty Platforms, covering carriers
offering property and casualty insurance. These platforms typically
cover personal lines, commercial lines and specialty lines,
including directors and offers liability and kidnap and ransom
coverage.
For the insurance BPO services report, ISG has distributed
surveys to more than 45 insurance BPO service providers. The three
quadrants that will be covered are:
- Life and Retirement, covering outsourcing services such
as consulting, technology enablement, policy administration systems
and managed services for insurance types such as life, annuity and
supplemental healthcare products. The study will evaluate
outsourcing providers based on the extent of support they offer
across various areas, including backend services, front and middle
office support, and technology enablement by product line. In the
Australian insurance BPO report, this quadrant will be split into
life insurance and annuity insurance.
- Property and Casualty Insurance, including consulting,
technology enablement and managed services across coverage areas
such as auto, theft, property and natural catastrophes. The report
will evaluate outsourcing providers based on the extent of support
offered across various areas including backend services, front and
middle office support, and other support services.
- Business Process as a Service and Third-Party
Administration, covering business process outsourcing that
encompasses the policy administration system (PAS), ongoing
technology support of the PAS, and business processing support for
insurance products. BPaaS providers typically offer personnel and
processes via internet-based, often automated technologies that
enable them to operate on a pay-per-policy service model. Most
BPaaS solutions are offered by licensed third-party
administrators.
The platform report will cover the U.S. insurance market and the
BPO services report will cover the U.S. and Australian insurance
markets. ISG analysts Peggy Bresnick Kendler and Dennis Winkler
will serve as authors of the platform report as well as the BPO
services report covering the U.S. market. Craig Baty and Jarrod
Magill serve as authors of the BPO services report for the
Australian market.
An archetype report will also be published as part of the
insurance BPO study. This report, unique to ISG, is the study of
typical buyer types of insurance BPO services as observed by ISG
advisors.
A list of identified providers and vendors and further details
on each study are available in these digital brochures: Insurance
Platform Solutions and Insurance BPO Services. Companies not listed
as insurance platform or BPO providers can contact ISG and ask to
be included in either study.
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/20211014005781/en/
Press Contacts: Will Thoretz, ISG +1 203 517 3119
will.thoretz@isg-one.com
Erik Arvidson, Matter Communications for ISG +1 617 755 2985
isg@matternow.com
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