ISG to Evaluate Providers of Insurance Services
Upcoming ISG Provider Lens™ study will examine service providers helping insurers improve efficiency, customer experience, 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
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.
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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 theEurope andAustralia -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
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
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