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's recent study on the insurance industry shows insurers are focusing on profitability over growth.
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 MoreToday’s insurance industry is facing a tumultuous environment, which requires a paradigm shift in rating, quote, underwriting and bind, claims processing and settlement and policy servicing methodologies and practices. In order to achieve this, it is necessary to move away from legacy models by upgrading core systems and deploying advanced technologies that drive better outcomes and transparency. This will require a fundamental rethinking of the industry’s traditional insurance practices and processes and a commitment to modernizing systems and processes that have been in place for decades. By adopting these new approaches, insurers can better navigate the changing landscape, improve their risk management, acquire potential customers easily and cater to the existing policyholders’ fast-evolving and rapidly changing needs.
Insurers face some unusual challenges such as responding to the rapidly evolving risk landscape due to extreme weather conditions, increased cyberattacks and their ever-changing forms, consistent hyper-inflation scenarios amid perpetually uncertain macro-economic situations. Catering to the fast-changing insurance needs of customers with the correct value proposition at an optimal price is tough within the present business and IT landscape.
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.
Insurance is one of the fastest-paced industries in terms of adoption of digital technologies. Compare service providers and get insights in key segments:
• Life & Annuity Digital Services
• Life & Annuity TPA Services
• Property & Casualty Insurance Services
