says the ISG Provider Lens™ report AI-powered tools can address the challenges of the insurance industry
LONDON–( BUSINESS WIRE )–Smart technologies, says a new research report from the risk landscape and insurers' relationships with clients and regulators in Europe, (BUSINESS WIRE). Information services Group (ISG) (NASDAQ: NASDAQ:), a leading global research and technology advisory company.
New proxy tools can address current and emerging challenges across the insurance value chain, says the ISG Europe 2024 Provider Insurance Report. Organizations are increasingly adopting solutions to streamline their operations, enhance service delivery and ensure compliance with new regulations.
The lingering effects of Covid-19 and the ongoing global climate crisis are contributing to a rapidly evolving risk landscape and disrupting established actuarial models,” said Thorsten Stau, Director, ISG. The economic effects of these forces also affect how much consumers and businesses can spend on insurance products. Insurance providers are now beginning to evaluate the strategy shifts these forces will impact.
The report says AI has evolved from a speculative concept into a transformative force in insurance, with applications such as data-driven profiling, predictive health analytics and advanced fraud detection techniques. Providers are offering specialized solutions to meet the evolving demand for personalization and integrating advanced technologies such as AI/ML to improve claims processing, policy administration, and customer service.
For the European market, providers are focusing on more data-driven decision-making services, predictive analytics and helping insurers digitize their business processes to improve customer experience throughout the insurance lifecycle.
Although managed services and application data management remain important components of insurance enterprise IT budgets, ISG research says IT service providers are expanding their portfolios into system integration, IT advisory services and business consulting and leveraging improved customer engagement.
Customer experience and innovation have emerged as key competitive drivers in the insurance industry, said Jan Erik Aase, Partner and Global Leader, ASG Provider Lens Research. Strategic provider partners can create tremendous value by bringing next-generation technologies, innovative business processes and insurance domain capabilities that enable cost-effective and sustainable growth.
The report also explores the need for insurance leaders to comprehensively evaluate the current regulatory situation. To effectively leverage AI's broad potential, insurers must create scalable AI infrastructure, encourage collaboration between data science and actuarial teams and support a culture of continuous innovation.
For more insights into the challenges facing insurers in Europe, including maintaining profitability and reinventing business models, see the ISG Provider Lens™ pivotal points briefing here.
The 2024 ISG Provider Lens™ Insurance Services Report evaluates the capabilities of 55 providers across five quadrants: Life and Retirement (L&R) insurance services. ITO's next generation Midmarket insurance services.
The report names Accenture (NYSE:), Cootizant (NASDAQ:), GenPact (NYSE:), TCS and Mahindra technology (NSE:) as leaders in three-quarters of each. EXL, Sopra Steria and WNS (NYSE:) are leaders at two quarters each. 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 (as::) Digital, Sutherland, Unisys (NYSE:), Wipro (NYSE:) and Zuehlke are the leaders in one quadrant each.
Additionally, HclTech, Sopra Steria, UST, Xuctionance and Zuehlke were named as Rising Star companies “with a promising portfolio and high future potential by ISG definition” in each of their respective quarters.
In the field of customer experience, Continuous systems (NSE:) named Global ISG CX Star Performer of 2024 among insurance providers. Fixed Systems received the highest customer satisfaction scores in the ISG Voice of the Customer award, part of the ISG Star of Excellence™ program, the technology and business services industry's premium quality recognition.
Customized versions of the report are available from NTT, WNS and Sutherland Data.
The 2024 ISG Provider Insurance Report for Europe is available to subscribers or for a one-time purchase on this webpage.
About ISG Lens™ Provider Search
The ISG Provider Lens™ Quadrant is the only provider assessment of its kind to combine empirical, data-driven research and market analysis with the real-world experience and feedback of ISG's global advisory team. Organizations will find a wealth of detailed data and market analysis to help guide their selection of the right sourcing partners, while ISG consultants use the reports to validate their market knowledge and make recommendations to ISG's institutional clients. The research currently covers providers who offer their services globally, across Europe, as well as in the US, Canada, Mexico, Brazil, UK, France, Benelux, Germany, Switzerland, Schmaledeck, 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 research and technology consulting firm. A trusted business partner to more than 900 clients, including more than 75 of the world's top 100 organizations, ISG is committed to helping businesses, public sector organizations, service and technology providers achieve operational excellence and faster growth. The company specializes in digital transformation services, including AI, Cloud and Data Analytics; advisory sources; Managed governance and risks; network carrier services; Strategy and operations design; change management; Market intelligence and technology research and analysis. Founded in 2006, and headquartered in Stamford, Connecticut, ISG employs more than 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 global-facing research and capabilities.” Analytical analysis based on the industry's most comprehensive market data. For more information, visit www.isg-one.com.
View source version on BusinessWire.com: https://www.businesswire.com/news/home/20250127403664/en/
Press contacts:
Will Thoritz, ISG
+1 203 517 3119
will.thoretz@isg-one.com
Philipp Jensch, ISG
+49 151 730 365 76
philipp.jaensch@isg-one.com
Source: Information Services Group, Inc.
