AI Transforming European Insurance Industry: ISG
Information Services Group (ISG) has released its 2024 Provider Lens™ Insurance Services report for Europe, highlighting how AI is revolutionizing the insurance industry. The report indicates that unpredictable global conditions and advancing AI technologies are fundamentally changing risk landscapes and insurer relationships in Europe.
The research emphasizes that AI has evolved from concept to transformative force, with applications in data-driven agent profiling, predictive health analytics, and fraud detection. Service providers are offering specialized solutions for personalization and integrating AI/ML to enhance claims processing, policy administration, and customer service.
The report evaluates 55 providers across five quadrants, with companies like Accenture, Cognizant, Genpact, TCS, and Tech Mahindra named as Leaders in three quadrants each. The study highlights that while managed services remain important, providers are expanding into system integration and IT advisory services, leveraging technologies like conversational AI to improve customer engagement.
Information Services Group (ISG) ha pubblicato il suo report 2024 Provider Lens™ sui servizi assicurativi per l'Europa, evidenziando come l'IA stia rivoluzionando l'industria assicurativa. Il rapporto indica che le condizioni globali imprevedibili e le tecnologie AI in avanzamento stanno cambiando radicalmente i paesaggi del rischio e le relazioni con gli assicuratori in Europa.
La ricerca sottolinea che l'IA è evoluta da concetto a forza trasformativa, con applicazioni in profilazione di agenti basata su dati, analisi predittive della salute e rilevamento delle frodi. I fornitori di servizi offrono soluzioni specializzate per la personalizzazione e integrano AI/ML per migliorare il processo di gestione dei reclami, l'amministrazione delle polizze e il servizio clienti.
Il rapporto valuta 55 fornitori in cinque quadranti, con aziende come Accenture, Cognizant, Genpact, TCS e Tech Mahindra designate come Leaders in tre quadranti ciascuna. Lo studio evidenzia che, sebbene i servizi gestiti rimangano importanti, i fornitori si stanno espandendo nei servizi di integrazione di sistemi e consulenza IT, sfruttando tecnologie come l'IA conversazionale per migliorare l'engagement con i clienti.
Information Services Group (ISG) ha publicado su informe 2024 Provider Lens™ sobre servicios de seguros para Europa, destacando cómo la IA está revolucionando la industria del seguro. El informe indica que las condiciones globales impredecibles y las tecnologías avanzadas de IA están cambiando fundamentalmente los paisajes de riesgo y las relaciones con los aseguradores en Europa.
La investigación enfatiza que la IA ha evolucionado de un concepto a una fuerza transformadora, con aplicaciones en perfilado de agentes basado en datos, análisis de salud predictiva y detección de fraudes. Los proveedores de servicios están ofreciendo soluciones especializadas para la personalización e integrando AI/ML para mejorar el proceso de reclamaciones, la administración de pólizas y el servicio al cliente.
El informe evalúa a 55 proveedores en cinco cuadrantes, con empresas como Accenture, Cognizant, Genpact, TCS y Tech Mahindra nombradas como Leaders en tres cuadrantes cada una. El estudio destaca que, aunque los servicios gestionados siguen siendo importantes, los proveedores están expandiéndose hacia la integración de sistemas y servicios de asesoría de TI, aprovechando tecnologías como la IA conversacional para mejorar la interacción con los clientes.
정보 서비스 그룹 (ISG)는 유럽의 보험 서비스에 대한 2024 공급자 렌즈™ 보고서를 발표하며 AI가 보험 산업을 혁신하고 있는 방법을 강조했습니다. 이 보고서는 예측 불가능한 글로벌 상황과 진보된 AI 기술이 유럽의 위험 환경과 보험사와의 관계를 근본적으로 변화시키고 있다고 지적합니다.
연구는 AI가 개념에서 변혁의 힘으로 진화했으며, 데이터 기반 에이전트 프로파일링, 예측 건강 분석 및 사기 탐지와 같은 응용 프로그램을 갖추고 있다고 강조합니다. 서비스 제공업체는 개인화를 위한 전문 솔루션을 제공하고, AI/ML을 통합하여 클레임 처리, 정책 관리 및 고객 서비스를 향상시킵니다.
이 보고서는 55개의 공급자를 다섯 개의 쿼드런트에서 평가하며, Accenture, Cognizant, Genpact, TCS 및 Tech Mahindra와 같은 기업이 각각 세 개의 쿼드런트에서 리더로 평가되었습니다. 이 연구는 관리 서비스가 여전히 중요하지만, 공급자들이 시스템 통합 및 IT 자문 서비스로 확대되고 있으며, 대화형 AI와 같은 기술을 활용하여 고객 참여를 개선하고 있다고 강조합니다.
Information Services Group (ISG) a publié son rapport 2024 Provider Lens™ sur les services d'assurance pour l'Europe, soulignant comment l'IA révolutionne l'industrie de l'assurance. Le rapport indique que des conditions mondiales imprévisibles et l'avancement des technologies de l'IA modifient fondamentalement les paysages de risque et les relations avec les assureurs en Europe.
La recherche souligne que l'IA a évolué d'un concept à une force transformatrice, avec des applications en profilage d'agents basé sur des données, analyses de santé prédictives et détection de fraudes. Les fournisseurs de services offrent des solutions spécialisées pour la personnalisation et intègrent l'IA/ML pour améliorer le traitement des réclamations, l'administration des polices et le service client.
Le rapport évalue 55 fournisseurs à travers cinq quadrants, avec des entreprises comme Accenture, Cognizant, Genpact, TCS et Tech Mahindra désignées comme leaders dans chacun de trois quadrants. L'étude met en lumière que, bien que les services managés demeurent importants, les fournisseurs s'élargissent vers l'intégration de systèmes et les services de conseil en TI, tirant parti de technologies telles que l'IA conversationnelle pour améliorer l'engagement client.
Information Services Group (ISG) hat seinen 2024 Provider Lens™ Versicherungsdienstleistungsbericht für Europa veröffentlicht, der zeigt, wie KI die Versicherungsbranche revolutioniert. Der Bericht weist darauf hin, dass unvorhersehbare globale Bedingungen und fortschrittliche KI-Technologien die Risikolandschaften und die Beziehungen zu Versicherern in Europa grundlegend verändern.
Die Forschung betont, dass sich KI von einem Konzept zu einer transformativen Kraft entwickelt hat, mit Anwendungen in datengetriebenem Agenten-Profiling, prädiktiver Gesundheitsanalyse und Betrugserkennung. Dienstleister bieten spezialisierte Lösungen zur Personalisierung an und integrieren KI/ML, um die Schadensbearbeitung, die Verwaltung von Policen und den Kundenservice zu verbessern.
Der Bericht bewertet 55 Anbieter in fünf Quadranten, wobei Unternehmen wie Accenture, Cognizant, Genpact, TCS und Tech Mahindra in jeweils drei Quadranten als Marktführer ausgezeichnet werden. Die Studie hebt hervor, dass trotz der Bedeutung von Managed Services, die Anbieter in die Systemintegration und IT-Beratung expandieren und Technologien wie konversationale KI nutzen, um die Kundenbindung zu verbessern.
- AI implementation across insurance value chain improving operational efficiency
- Service providers expanding portfolios with advanced digital technologies
- Focus on data-driven decision-making and predictive analytics services
- Enhanced customer experience through digital transformation
- Economic impacts affecting consumer and business insurance spending capacity
- Disruption of established actuarial models due to global climate crisis
- Residual COVID-19 effects creating uncertain risk landscape
Insights
The release of ISG's comprehensive insurance industry report represents a significant business opportunity for the company (Nasdaq: III). The research highlights ISG's strategic positioning in the rapidly evolving insurtech advisory market, particularly as European insurers accelerate their digital transformation initiatives.
The report's timing is particularly strategic, coinciding with the insurance industry's growing need for AI implementation guidance. By identifying 55 service providers across five quadrants and naming several market leaders, ISG demonstrates its deep market intelligence and strengthens its position as a leading advisory firm in the insurance technology sector.
From a business perspective, this research product serves multiple revenue streams for ISG: 1) Direct report sales to insurance companies and technology providers 2) Advisory services for implementation and vendor selection 3) Consulting opportunities from insurers seeking digital transformation guidance.
The report's focus on AI transformation aligns with projected industry spending patterns, as European insurers are expected to significantly increase their technology investments. The identification of specific leaders in various service categories positions ISG as a important intermediary between insurance companies and technology providers, potentially driving consulting and advisory revenue growth.
The comprehensive coverage of emerging technologies and market dynamics suggests ISG is well-positioned to capitalize on the insurance industry's digital transformation needs, potentially leading to expanded market share in the technology advisory space. The inclusion of customer satisfaction metrics through the ISG Star of Excellence™ program adds another valuable dimension to their service offerings, differentiating them from competitors in the research and advisory market.
ISG Provider Lens™ report says AI-powered tools can tackle insurance industry challenges
The 2024 ISG Provider Lens™ Insurance Services report for
“The residual effects of COVID-19 and the ongoing global climate crisis are contributing to a rapidly evolving risk landscape and disrupting well-established actuarial models,” said Thorsten Stüwe, EMEA director, ISG Insurance. “The economic impacts of these forces are also affecting how much consumers and businesses can spend on insurance products. Insurance providers are now beginning to assess the strategy shifts these forces will effect.”
The report says AI has evolved from a speculative concept into a transformative force in insurance, with applications such as data-driven agent profiling, predictive health analytics and advanced fraud detection techniques. Service providers are offering more specialized solutions to meet the evolving demand for personalization and integrating advanced technologies such as AI/ML to improve claims processing, policy administration and customer service.
For the European market, service providers are focusing on more data-driven decision-making and predictive analytics services and helping insurance firms transform their business process outsourcing into digitized operations to improve customer experience throughout the insurance service lifecycle.
While managed services and application data management remain significant components of insurance enterprise IT budgets, the ISG research says IT outsourcing providers are expanding their portfolios into system integration, IT advisory services and business consulting and leveraging cutting-edge digital technologies, including conversational AI, to improve customer engagement.
“Customer experience and innovation have emerged as key competitive differentiators in the insurance industry,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Strategic provider partners can create immense value by delivering next-generation technologies, innovative business processes and insurance domain capabilities that enable cost-effective and sustainable growth.”
The report also explores the need for insurance leaders to comprehensively evaluate their current organizational posture. To effectively leverage AI’s vast potential, insurers should establish scalable AI infrastructures, encourage collaboration between data science and actuarial teams and uphold a culture of continuous innovation.
For more insights into the challenges facing insurance companies in
The 2024 ISG Provider Lens™ Insurance Services report for
The report names Accenture, Cognizant, Genpact, TCS and Tech Mahindra as Leaders in three quadrants each. EXL, Sopra Steria and WNS are Leaders in two quadrants each. Atos, Capgemini, Charles Taylor, DXC Technology, Fujitsu, GFT, HCLTech, Hexaware, Infosys, Iron Mountain, Kyndryl, Mphasis, msg global solutions, NTT DATA, Publicis Sapient, Randstad Digital, Sutherland, Unisys, Wipro and Zuehlke are named Leaders in one quadrant each.
In addition, HCLTech, Sopra Steria, UST, Xceedance and Zuehlke are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in one quadrant each.
In the area of customer experience, Persistent Systems is named the global ISG CX Star Performer for 2024 among insurance services providers. Persistent Systems earned the highest customer satisfaction scores in ISG's Voice of the Customer survey, part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.
Customized versions of the report are available from NTT Data, WNS and Sutherland.
The 2024 ISG Provider Lens™ Insurance Services report for
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
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 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 AI, 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
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Press Contacts:
Will Thoretz, ISG
+1 203 517 3119
will.thoretz@isg-one.com
Philipp Jaensch, ISG
+49 151 730 365 76
philipp.jaensch@isg-one.com
Source: Information Services Group, Inc.
FAQ
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