Insurers Embrace AI Innovations in Australia, New Zealand
Insurance companies in Australia and New Zealand are increasingly investing in AI and digital technologies to transform their operations, according to a new ISG Provider Lens™ report. Insurers face challenges including declining margins, inflation, extreme weather affecting claims, and competition from startups.
The report highlights that AI and generative AI are being adopted for automated claims processing, customer interactions, and predictive analytics in risk management. Property and casualty (P&C) insurers are implementing data analytics for improved risk assessment and customer segmentation, while Life and Retirement (L&R) insurers are partnering with BPO providers to meet policyholder demands.
Traditional IT outsourcing remains significant in insurance enterprises' budgets, with companies exploring various strategies including nearshoring and cloud-based platforms. The transformation requires major investments in cloud, data management, and security, with providers helping insurers modernize legacy systems and comply with evolving regulations.
Le compagnie di assicurazione in Australia e Nuova Zelanda stanno sempre più investendo in tecnologie digitali e intelligenza artificiale per trasformare le loro operazioni, secondo un nuovo rapporto dell'ISG Provider Lens™. Gli assicuratori affrontano sfide come il calo dei margini, l'inflazione, le condizioni meteorologiche estreme che influenzano i sinistri e la concorrenza da parte delle startup.
Il rapporto evidenzia che l'intelligenza artificiale e l'IA generativa vengono adottate per l'elaborazione automatizzata dei sinistri, le interazioni con i clienti e l'analisi predittiva nella gestione del rischio. Le compagnie di assicurazione sui beni e responsabilità (P&C) stanno implementando analisi dei dati per una migliore valutazione del rischio e segmentazione dei clienti, mentre le compagnie di Vita e Previdenza (L&R) stanno collaborando con fornitori di BPO per soddisfare le esigenze degli assicurati.
Il tradizionale outsourcing IT rimane significativo nei budget delle imprese assicurative, con le aziende che esplorano varie strategie tra cui il nearshoring e le piattaforme basate su cloud. La trasformazione richiede investimenti importanti in cloud, gestione dei dati e sicurezza, con i fornitori che aiutano le compagnie assicurative a modernizzare i sistemi legacy e a conformarsi alle normative in evoluzione.
Las compañías de seguros en Australia y Nueva Zelanda están invirtiendo cada vez más en tecnologías digitales e inteligencia artificial para transformar sus operaciones, según un nuevo informe de ISG Provider Lens™. Los aseguradores enfrentan desafíos como la disminución de márgenes, la inflación, el clima extremo que afecta a las reclamaciones y la competencia de las startups.
El informe destaca que la inteligencia artificial y la IA generativa están siendo adoptadas para el procesamiento automatizado de reclamaciones, interacciones con clientes y análisis predictivo en la gestión de riesgos. Las aseguradoras de bienes y accidentes (P&C) están implementando análisis de datos para mejorar la evaluación de riesgos y la segmentación de clientes, mientras que las aseguradoras de Vida y Jubilación (L&R) están colaborando con proveedores de BPO para satisfacer las demandas de los asegurados.
La externalización tradicional de TI sigue siendo significativa en los presupuestos de las empresas de seguros, con las compañías explorando diversas estrategias, incluyendo el nearshoring y plataformas basadas en la nube. La transformación requiere importantes inversiones en nube, gestión de datos y seguridad, con proveedores que ayudan a las compañías de seguros a modernizar los sistemas heredados y cumplir con las regulaciones en evolución.
호주와 뉴질랜드의 보험사들은 운영을 혁신하기 위해 인공지능(AI)과 디지털 기술에 점점 더 많은 투자를 하고 있다고 ISG Provider Lens™의 새로운 보고서가 밝혔습니다. 보험사들은 마진 감소, 인플레이션, 극한의 날씨로 인한 청구 피해, 스타트업으로부터의 경쟁 등 여러 가지 도전에 직면해 있습니다.
보고서는 AI와 생성적 AI가 자동화된 청구 처리, 고객 상호작용 및 위험 관리의 예측 분석을 위해 채택되고 있다고 강조합니다. 재산 및 상해(P&C) 보험사들은 위험 평가 및 고객 세분화를 개선하기 위해 데이터 분석을 도입하고 있으며, 생명 및 퇴직(L&R) 보험사들은 보험 가입자의 요구를 충족하기 위해 BPO 제공업체와 협력하고 있습니다.
전통적인 IT 아웃소싱은 보험 기업의 예산에서 여전히 중요하며, 기업들은 니어쇼어링 및 클라우드 기반 플랫폼을 포함한 다양한 전략을 탐색하고 있습니다. 이러한 혁신을 위해서는 클라우드, 데이터 관리 및 보안에 대한 대규모 투자가 필요하며, 제공업체들은 보험사들이 구식 시스템을 현대화하고 변화하는 규정을 준수하도록 돕고 있습니다.
Les compagnies d'assurance en Australie et en Nouvelle-Zélande investissent de plus en plus dans l'IA et les technologies numériques pour transformer leurs opérations, selon un nouveau rapport d'ISG Provider Lens™. Les assureurs sont confrontés à des défis tels que la baisse des marges, l'inflation, des conditions météorologiques extrêmes affectant les sinistres et la concurrence des start-ups.
Le rapport souligne que l'IA et l'IA générative sont adoptées pour le traitement automatisé des sinistres, les interactions avec les clients et l'analyse prédictive dans la gestion des risques. Les assureurs de biens et de responsabilités (P&C) mettent en œuvre des analyses de données pour une meilleure évaluation des risques et segmentation des clients, tandis que les assureurs Vie et Retraite (L&R) s'associent aux fournisseurs de BPO pour répondre aux demandes des assurés.
L'externalisation traditionnelle des TI reste significative dans les budgets des entreprises d'assurance, les sociétés explorant diverses stratégies, y compris le nearshoring et les plateformes basées sur le cloud. La transformation nécessite d'importants investissements dans le cloud, la gestion des données et la sécurité, les fournisseurs aidant les assureurs à moderniser leurs systèmes anciens et à se conformer aux réglementations en évolution.
Versicherungsunternehmen in Australien und Neuseeland investieren zunehmend in KI und digitale Technologien, um ihre Abläufe zu transformieren, so ein neuer Bericht von ISG Provider Lens™. Versicherer stehen vor Herausforderungen wie sinkenden Margen, Inflation, extremen Wetterereignissen, die Ansprüche beeinträchtigen, und Konkurrenz durch Start-ups.
Der Bericht hebt hervor, dass KI und generative KI für die automatisierte Bearbeitung von Schadensfällen, Kundeninteraktionen und prädiktive Analytik im Risikomanagement eingesetzt werden. Sach- und Unfallversicherer (P&C) setzen Datenanalysen zur verbesserten Risikobewertung und Kundensegmentierung ein, während Lebens- und Rentenversicherer (L&R) mit BPO-Anbietern zusammenarbeiten, um den Anforderungen der Versicherungsnehmer gerecht zu werden.
Traditionelles IT-Outsourcing bleibt in den Budgets der Versicherungsunternehmen bedeutend, wobei Unternehmen verschiedene Strategien erkunden, einschließlich Nearshoring und cloud-basierter Plattformen. Die Transformation erfordert erhebliche Investitionen in Cloud, Datenmanagement und Sicherheit, wobei Anbieter den Versicherern helfen, ihre Altsysteme zu modernisieren und sich an die sich entwickelnden Vorschriften zu halten.
- Growing adoption of AI and generative AI for automated processes and analytics
- Implementation of data analytics for improved risk assessment
- Integration of traditional and digital channels for better customer service
- Increasing partnerships with insurtech companies for innovation
- Declining profit margins due to inflation and extreme weather impacts
- Major investments required for digital transformation
- Legacy systems and cultures hindering competitiveness
- Challenges in data management and security compliance
Insights
The insurance sector in Australia and New Zealand is undergoing a fundamental digital transformation driven by economic pressures and changing market dynamics. The implementation of AI and advanced analytics represents a strategic shift that could significantly impact ISG's (III) market position and revenue streams.
The report highlights increasing demand for digital transformation services in the
The identification of Leaders like TCS, Tech Mahindra and Cognizant in multiple quadrants suggests a mature competitive landscape where ISG's research and advisory services are becoming increasingly valuable for vendor selection and strategic planning. The trend toward cloud adoption and data management solutions aligns perfectly with ISG's service portfolio, potentially driving increased demand for their advisory services.
The integration of AI and generative AI into insurance operations marks a pivotal technological shift. Key technological implementations include automated claims processing, enhanced customer interactions and predictive analytics for risk management - all areas where ISG's advisory services are crucial.
The report's emphasis on cloud-based platforms and Agile methodologies indicates a significant technological transformation in the insurance sector. This transformation requires substantial expertise in cloud infrastructure, data management and security - areas where ISG's research and advisory capabilities can provide significant value.
The growing trend of insurtech partnerships and the need for intellectual property protection in AI implementations creates additional advisory opportunities. The focus on preventing data leakage from AI models also suggests increasing demand for ISG's expertise in technology risk management and compliance frameworks.
Companies partner with service providers on digital transformations to meet economic, climate, customer service challenges, ISG Provider Lens™ report says
The 2024 ISG Provider Lens™ Insurance Services report for
“Insurance companies in
AI and generative AI are playing a growing role as insurers in the region adopt tools for use cases such as automated claims processing, better customer interactions and predictive analytics for risk management, the report says. The analytical and performance capabilities of AI are expected to simplify complex insurance products and enable cost optimization. However, full AI readiness will require the ability to cultivate and apply highly granular data.
Property and casualty (P&C) insurers, for one, are implementing data analytics to improve risk assessment and customer segmentation, leading to better decision-making, the report says. To improve and personalize customer service, they are integrating traditional and digital channels. There is a growing trend toward partnerships with newer insurtech companies to boost innovation and efficiency. Business process outsourcing (BPO) providers are helping P&C insurers comply with regulations, especially in security and automation efforts.
Life and retirement (L&R) insurers are also turning to BPO providers to meet evolving policyholder demands, ISG says. While L&R insurance is less commonly purchased than P&C coverage in
Traditional IT outsourcing remains a big part of insurance enterprises’ IT budgets in
“Digital transformation for insurers in this region will require major investments in cloud, data management and security,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “ITO service providers with expertise in these areas will be important partners in this process.”
The report also examines other trends affecting insurers in
For more insights into the challenges faced by insurance enterprises in
The 2024 ISG Provider Lens™ Insurance Services report for
The report names TCS and Tech Mahindra as Leaders in three quadrants each. It names Cognizant, Genpact, TSA and Wipro as Leaders in two quadrants each. Accenture, Capgemini, Cloud4C, DXC Technology, EXL, Fujitsu, IBM, Infosys, Iron Mountain, Kyndryl, Publicis Sapient, Randstad Digital, Teleperformance, Unisys and WNS are named as Leaders in one quadrant each.
In addition, EXL, HCLTech, WNS and Xceedance are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in one quadrant each.
A customized version of the report is available from WNS.
In the area of customer experience, Persistent system is named the global ISG CX Star Performer for 2024 among insurance services providers. Persistent system earned the highest customer satisfaction scores in ISG's Voice of the Customer survey, which is part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20250120886186/en/
Will Thoretz, ISG
+1 203 517 3119
will.thoretz@isg-one.com
Julianna Sheridan, Matter Communications for ISG
+1 978-518-4520
isg@matternow.com
Source: Information Services Group, Inc.
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