STAMFORD, Connecticut–(BUSINESS WIRE)–Information Services Group (ISG) (Nasdaq: III), a leading global technology research and consulting firm, has launched a study examining the service providers that are enabling a growing number of insurance organizations to modernize their operations for better business results.
The results of the survey will be published in a comprehensive ISG Provider Lens™ report called Insurance Services 2022 — BPO and ITO, scheduled for release in November. The report will cover companies offering services including business process outsourcing (BPO), information technology outsourcing (ITO), business process as a service (BPaaS) and third party administration (TPA).
Corporate buyers will be able to use the information from the report to evaluate their current supplier relationships, potential new engagements and available offerings, while ISG advisors will use the information to recommend suppliers to the firm’s buying clients.
Many insurance organizations are adopting advanced technologies to modernize services, improve customer experience and grow in a cost-effective manner. They deploy technologies including intelligent automation, straight-through processing (STP), AI and machine learning, often migrating from legacy systems to cloud platforms to enable digital transformation.
“More insurance companies are now working with outsourcing and technology providers to improve their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Many are creating long-term, mutually beneficial partnerships with suppliers to become more competitive.”
ISG distributed surveys to more than 60 insurance service providers. Working in collaboration with ISG’s global consultants, the research team will create four quadrants representing the digital services and products that the average insurer buys, based on ISG’s experience working with its clients. The four quadrants are:
- BPO services for life insurance and pension insuranceevaluating outsourcing services such as consulting, technology enablement, policy administration and managed services for providers of insurance types such as life insurance, annuities and fringe benefits.
- BPO services for property and casualty insurance, evaluating outsourcing services for areas of insurance coverage including auto, theft, property and natural disasters.
- BPaaS and TPA insurance servicesevaluating providers of BPO and ITO services bundled into a complete service, usually through a licensed third-party provider or administrator.
- Insurance ITO servicescovering both traditional and more modern IT services, including technology support and business transformation programs to improve profitability, optimize costs and improve the customer experience.
The geographically focused research reports will cover the global insurance services market and look at the products and services available in the US, Australia, the UK and Europe. ISG analysts Ashish Jhajharia, Angus Macaskill, Jocelyn Cheung and Sandhya Hari Navage will serve as authors of the report.
An archetype report will also be published as part of this study. This report, unique to ISG, is a study of typical purchasers of contact center services as observed by ISG advisors.
A list of identified suppliers and vendors and further details of the survey are available in this digital brochure. Companies not listed as insurance providers may contact ISG and request to be included in the survey.
All 2022 ISG Provider Lens™ assessments now include new and expanded customer experience (CX) data that measures an enterprise’s actual experience with specific provider services and solutions, based on ISG’s ongoing CX research. Corporate customers who wish to share their experiences with a specific vendor or merchant are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in exchange for their feedback.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider assessment of its kind that combines empirical, data-driven market research and analysis with the real-world experience and observations of ISG’s global consulting team. Enterprises will find a wealth of detailed data and market analysis to help them select appropriate sourcing partners, while ISG consultants use the reports to validate their own market knowledge and make recommendations to ISG’s corporate clients. The research currently covers providers offering their services globally, across Europe, as well as in the US, Canada, Brazil, the UK, France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets, which will be added in the future. For more information on ISG Provider Lens research, please visit this webpage.
A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind assessment of providers from the perspective of specific buyer types.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and consulting firm. A trusted business partner to more than 800 customers, including more than 75 of the world’s 100 largest 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; procurement advice; managed governance and risk management services; Network operator services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006 and based in Stamford, Connecticut, ISG employs more than 1,300 digital-ready professionals working in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and worldwide best-in-class research and analytical capabilities based on the industry’s most comprehensive market data. For more information, visit www.isg-one.com.