ISG to Evaluate Providers of Insurance Services

Rhea-AI Summary

Information Services Group (ISG) has initiated a comprehensive research study to examine service providers aiding insurance companies in enhancing efficiency, customer experience, and innovation. The study's findings will be detailed in ISG Provider Lens™ reports, scheduled for December release, covering life and retirement (L&R) and property and casualty (P&C) insurance sectors across North America, Europe, and Australia-New Zealand. ISG is surveying over 100 providers to evaluate business process outsourcing (BPO) and information technology outsourcing (ITO) services, among others. The study aims to assist enterprise buyers and ISG advisors in vendor evaluation and recommendation.

Positive

• ISG's study aims to identify providers that enhance efficiency and customer experience, aiding insurers in digital transformation.
• The study will offer comprehensive insights into providers' capabilities, assisting insurers in vendor evaluation.
• Involvement of over 100 providers ensures extensive data collection and robust analysis.

Negative

• None of the negative points are reported.

Upcoming ISG Provider Lens™ study will examine service providers helping insurers improve efficiency, customer experience, innovation

STAMFORD, Conn.--(BUSINESS WIRE)-- Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining service providers helping insurance companies improve operating efficiency, customer experience and product and service innovation.

The study results will be published in a comprehensive series of ISG Provider Lens™ reports, called Insurance Services, scheduled to be released in December. Three geographically focused reports will cover industry-specialist providers offering business process outsourcing (BPO) services for life and retirement (L&R) and property and casualty (P&C) insurance, third-party administrator (TPA) services for L&R, and information technology outsourcing (ITO) services for the insurance industry in general.

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.

Insurance companies are adopting technology rapidly to enhance operational resilience and delivery and are seeking providers to support their technology modernization efforts. Insurers 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 enterprise-wide AI and ML applications and migrating from legacy to cloud solutions. They are even piloting generative AI (GenAI) in parts of their operations.

“Many providers are building long-term, mutually beneficial relationships with insurance firms, enabling them to move up the services value chain,” said Iain Fisher, director of ISG Provider Lens Research. “Insurers understand these strategic partners can create immense value by applying next-generation technologies, innovative business processes and insurance domain capabilities to deliver greater efficiency, improved CX and enhanced innovation with relatively quick turnaround times.”

For the study, ISG has distributed surveys to more than 100 providers of insurance services. Working in collaboration with ISG’s global advisors, the research team will produce four quadrants representing the services and solutions the typical insurer is deploying based on ISG’s experience working with its clients. The four quadrants are:

• Life and Retirement (L&R) Insurance BPO Services, evaluating providers offering consulting, technology enablement, policy administration systems (PAS) and managed services for insurance products, including life, annuity and supplemental benefits.

• Property and Casualty (P&C) Insurance BPO Services, assessing providers offering consulting, technology enablement and managed services supporting P&C insurance products, including auto, theft, property and natural catastrophes.

• Life and Retirement (L&R) Insurance TPA Services, examining licensed providers and TPAs combining BPO and ITO services to provide L&R insurance companies with complete business-process-as-a-service (BPaaS), including policy administration systems (PAS), in the U.S. (This quadrant will not be included in the Europe and Australia-New Zealand reports.)

• Insurance ITO Services, examining providers supporting transformation of legacy systems using modern digital technologies for improved profitability, efficiency and CX. Providers must have expertise in system integration and business transformation. As part of this quadrant, ISG will evaluate providers serving the midmarket, as well as those with proven experience in next-generation cloud, data and security technologies..

The study will examine products and services available in North America, Europe and Australia-New Zealand (ANZ). ISG analyst Ashish Jhajharia will serve as author of each of the three regional 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.

All 2024 ISG Provider Lens™ evaluations feature expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research. Enterprise customers wishing to share their experience about a specific provider or vendor are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in return for their feedback.

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., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

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 and 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 1,600 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240702122944/en/

Press Contacts:

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.

FAQ

What is the focus of ISG's upcoming research study?

ISG's research study aims to examine service providers assisting insurance companies in improving efficiency, customer experience, and innovation.

When will the ISG Provider Lens™ reports be released?

The ISG Provider Lens™ reports are scheduled for release in December.

What sectors will the ISG study cover?

The ISG study will cover life and retirement (L&R) and property and casualty (P&C) insurance sectors.

Which regions will the ISG study focus on?

The ISG study will focus on North America, Europe, and Australia-New Zealand.

How many providers is ISG surveying for the study?

ISG is surveying over 100 providers for the study.