Report ISG provider Lens ™ says Ai tools can solve the challenges of the insurance industry
LONDON–(Business Wire)–An unpredictable global environment and advances in AI and intelligent technologies are driving fundamental shifts in the risk landscape and insurers’ relationships with clients and regulators in Europe, says a new research report from Information services Group (ISG) (NASDAQ: NASDAQ:), a leading global technology research and advisory firm.
The Insurance Underwriting Services 2024 Europe Report says new AI-powered tools can address existing and emerging challenges across the insurance value chain. Businesses are increasingly embracing solutions to simplify their operations, improve service delivery and ensure compliance with new regulations.
The residual effects of Coid-19 and the ongoing global climate crisis are contributing to a rapidly evolving risk landscape and disrupting well-established actuarial models, said Thorsten Stã¼we, Director EMEA, ISG Insurance. The economic impacts of these forces also affect how much consumers and businesses can spend on insurance products. Insurance providers are now beginning to assess the strategic changes these forces will affect.
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 like AI/ML to improve claims processing, policy administration and customer service.
For the European market, service providers focus on greater decision-making and predictive analytics services and help insurance companies transform their business process outsourcing into digitized operations to improve the customer experience throughout the insurance service lifecycle.
While managed services and application data management remain significant components of insurance enterprise IT budgets, ISG research says outsourcing providers are expanding their portfolios into systems integration, 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 research. Strategic service provider partners can create tremendous value by providing next-generation technologies, innovative business processes and insurance domain capabilities that enable profitable and sustainable growth.
The report also explores the need for insurance leaders to comprehensively assess their current organizational posture. To effectively harness the enormous potential of AI, insurers should establish a scalable AI infrastructure, foster collaboration between data science and actuarial teams, and support a culture of continuous innovation.
For more insight into the challenges facing insurance companies in Europe, including maintaining profitability and reinventing business models, see ISG’s Prusitelj Lens ™ hot spots.
ISG’s Insurance Services Underwriting Report 2024 assesses the capabilities of 55 service providers in five quadrants: life and pension (L&R) insurance BPO services, property and casualty (P&C) insurance BPO services, insurance services, insurance services ITO “Midmarket I insurance ITO services “Midmarket Next-Gen.
The report names Accenture (NYSE:), CONTIZANT (NASDAQ:), GENPACT (NYSE:), TCS and Tech Mahindra (Nse 🙂 as leaders in three quadrants. EXL, SOpra Steria and WNS (NYSE 🙂 are the leaders in two quadrants. Atos, Capgemini, Charles Taylor, DXC Technology (NYSE :), Fujitsu, GFT, HclTech, Hexaware, Infosys (NSE :), Iron Mountain (NYSE :), Kyndryl, Mphasis, MSG Global Solutions, NTT Data, Publicis Sapient, Randstad (Like 🙂 Digital, Sutherland, Unisys (NYSE:), Goblet (NYSE 🙂 and Zuehlke are named leaders in one quadrant.
In addition, Hcltech, Sopra Steria, UST, Xpecece and Zuehlke were named emerging companies “with a promising portfolio and high future potential as defined by ISG” in one quadrant.
In the field of user experience, Permanent systems (NSE 🙂 has been named a 2024 Global ISG CX Star performer among insurance service 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 top quality recognition in the technology and business services industry.
Customized versions of the report are available from NTT Data, WNS and Sutherland.
The 2024 ISG Underwriting Services Report is available to subscribers or for one-time purchase on this website.
About ISG provider Lens ™ research
The ISG Provider Lens ™ Quadrant Research Series is the only provider assessment of its kind that combines empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Businesses will find a wealth of detailed data and market analysis to help guide their selection of appropriate partners, while ISG consultants use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The survey currently covers providers offering their services across Europe, as well as the US, Canada, Mexico, Brazil, UK, France, Benelux, Germany, Switzerland, Nordics, Australia and Singapore/Malaysia, with additional markets to be added in of the future. For more information on ISG’s lens research, visit this website.
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 dedicated to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and accelerate growth. The company specializes in digital transformation services, including AI, Cloud and Data Analytics; Resource consultation; Management and risk services; Network carrier services; Strategy and operations design; Change management; Research and analysis of market intelligence and technology. Founded in 2006 and headquartered in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries, a global team known for innovative thinking, market impact, deep industry and technology expertise. expertise and world-class and world-class Research and analytical capabilities based on the most comprehensive market data in the industry. For more information, visit www.isg-one.com.
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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.
