STAMFORD, Conn., Oct. 07, 2020 (GLOBE NEWSWIRE) -- Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining providers of technology-related services and platforms targeting the insurance industry.
The study results will be published in a comprehensive ISG Provider Lens™ report, called Insurance BPO Services and Platform Solutions, scheduled to be released in January. The report will cover providers of both platforms and services in the insurance BPO industry, with a separate section for each type of provider.
The insurance outsourcing market is changing, said Paul Schreiner, a partner in the insurance practice at ISG. “Today, outsourcing insurance operations is no longer limited to just backend services,” he said. “Instead, insurers seek to partner with providers to transform and grow their businesses, increase relevance with new customer groups and remain competitive in today’s digitally oriented world.”
Enterprise buyers will be able to use information from the report 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.
ISG has distributed surveys to more than 40 platform and service providers in the insurance space. Working in collaboration with ISG’s global advisors, the research team will produce five quadrants representing the services and products the typical insurance company is buying, based on ISG’s experience working with its clients. The five quadrants that will be covered are:
- Life and retirement insurance BPO services, covering outsourcing services, including consulting, technology enablement, policy administration systems and managed services for life insurance, annuities and supplemental benefits products.
- Property and casualty insurance BPO services, including consulting, technology enablement and managed services across coverage areas that include auto, theft, property and natural catastrophes.
- BPaaS/TPA insurance services, a type of business process outsourcing that encompasses the policy administration system (PAS), the ongoing technology support of the PAS, and the business processing support of insurance products. BPaaS providers, most of them licensed third-party administrators (TPAs), typically leverage internet-based, often-automated technologies that enable them to operate on a pay-per-policy service model.
- Life and retirement insurance platforms, typically API-enabled applications hosted in the cloud targeting insurers that sell individual and group policies, encompassing life, annuity, supplemental or voluntary benefits, retirement and pension products.
- Property and casualty insurance platforms that allow insurers to execute business functions across the insurance lifecycle from quote to claim, in a scalable and flexible manner. This segment targets insurers that sell policies to individuals (home, auto and umbrella) and businesses (commercial auto, liability, property and workers compensation insurance).
The report will cover the global and U.S. insurance services and platforms markets. ISG analysts Peggy Bresnick Kendler, Dennis Winkler and Nanda Rajgopal will serve as authors of the report. An archetype report, evaluating BPO service providers based on specific buyer types, will also be published as part of this study.
A list of identified providers and vendors and further details on the study are available the these digital brochures: BPO services and platform solutions. Companies not listed as insurance platform or service providers can contact ISG and ask to be included in the study.
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 and Latin America, as well as in the U.S., Germany, Switzerland, the U.K., France, the Nordics, Brazil and Australia/New Zealand, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
A companion research series, the ISG Provider Lens Archetype reports, offers a first-of-its-kind evaluation of providers from the perspective of specific buyer types.
Starting this year, each ISG Provider Lens™ study will include a Global Summary to help enterprise subscribers better understand provider capabilities across all geographic markets covered by that study. All ISG Provider Lens™ reports also will now include an Enterprise Context feature to help executives quickly identify key insights related to their roles and responsibilities.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 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 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 more than 1,300 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.
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