Insurance companies are facing many headwinds -– low investment portfolio returns, stagnating premium growth, rising costs, operational inefficiencies, insurtech-driven startups, and a hybrid, globally distributed, workforce.
ISG’s insurance practice specializes in business-technology strategies, partner-ecosystem advisory, cost optimization, modernization, IT, digital and cloud transformations.
We work with Life and Annuity (L&A), Property and Casualty (P&C), and Reinsurance companies. Our advisors cover quote to claim. We have advised in new business, underwriting and claims management, as well as policy administration that includes
provider and platform selections. We have supported insurers with operating model review and redesign, outsourcing and offshoring, and infrastructure consolidation.
ISG is a leader in providing partner-ecosystem advisory and benchmarking services to guide our clients to successfully bid, negotiate or renegotiate contracts. With the emergence of digital technologies, we created our robust sourcing methodology to help you achieve appropriate vendor/provider relationships to address newer business and IT models, such as Agile, DevOps and AI. Plus, our tools can help you manage your ongoing third-party relationships and risks.
ISG maintains up-to-date information about emerging technologies from diverse sources, including directly from top business process, technology, TPA (third-party administrator), insurtech and platform suppliers. This enables us to provide deep, unbiased insights about supplier partnerships for automations, transformations, and traditional, outcome-based or futuristic partner models.
We are prepared to invest toward the success of our clients. With ISG, you can identify the root causes of cost, productivity and service quality issues, and design a roadmap to achieve excellence and sustainable results.
ISG is a leader in proprietary research, advisory consulting and executive event services focused on market trends and disruptive technologies.
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Learn MoreThe U.S. insurance industry, like other regions, continues to face challenges pertaining to losses resulting from pandemic-related claims, climate change risks, rising operation costs, claims inflation, and cyberattacks. These are compounded by energy scarcity, rapid inflation, geopolitical tensions, increased need for operational readiness for regulatory changes, and changing customer expectations. The world has entered a new era that has become structurally different over the past 30 years.
The pandemic impacted the insurance industry in many ways. Many carriers suffered dramatic business interruptions by shifting the workforce to a remote model. Agents could not meet in person with clients, and many lost sales. Sales in some categories like travel insurance plummeted as people stopped going on vacations and business trips. Life insurance claims soared. IT departments in many insurance organizations scrambled to quickly put the right processes in place to keep their internal workforces and distribution channels plugged in, both online and on-site.
In this quadrant report, we evaluated insurance platform vendors on their market strengths and the attractiveness of their product portfolios. Read this study to find the right provider(s) to meet your needs and business goals.
Struggling to create a seamless shift between voice and non-voice channels? Seeking omnichannel support to improve customer service? Learn about the capabilities of top customer experience and digital operations providers globally.
A Swiss insurance group incurred high costs and processing lags due to overly complex interfaces with brokers. Learn how implementing Mphasis’ design thinking methodology resulted in cost reductions of over 30 percent and an improved processing time of more than 50 percent.
