STAMFORD, Conn.–(BUSINESS WIRE)–The COVID-19 pandemic has forced insurance companies in the United States to rely on technology solutions to meet changing operational and market demands, and many have turned to technology platform providers for help, according to a new research report released today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and consulting firm.
The ISG Provider Lens™ Insurance Platform Solutions Report 2021 for the United States reveals that the pandemic has served as a catalyst for digital transformation efforts in the insurance industry. U.S. insurance companies that had begun their digital transformation journey before the pandemic had an advantage over their competitors, including the ability to shift their workforce to a remote work model. Other carriers have struggled to catch up during the pandemic, according to the report.
“Many insurance companies that had lagged behind in technology adoption are now adopting and deploying technologies that will help them stay agile,” said Paul Schreiner, ISG Partner for the Insurance Industry. “These tools and technologies will allow them to react quickly to changing market conditions and facilitate innovation.”
Modern insurance platforms help insurers operate more efficiently, reduce costs, comply with ever-changing regulations, and accelerate new product development for continued growth. Traditional insurers are adopting such platforms to effectively compete with non-traditional players and startups, which can often operate faster without the burden of legacy infrastructure.
Insurance platform providers enable insurers to harness the power of their data to create new insights and gain efficiencies, the report says. Carriers use data analytics tools to process an overwhelming amount of structured and unstructured data from sources such as social media, sensors and telematics. Many carriers are also turning to artificial intelligence and machine learning in areas such as underwriting, customer service, claims and fraud detection.
Technology tools offered by leading insurance platform providers also empower workers, boost productivity, help meet regulatory mandates and meet the changing needs of a more demanding audience, the report adds. The technologies carriers have adopted during the pandemic will help them be more competitive post-pandemic.
The report finds a growing demand for process automation tools, which can reduce operational costs, increase productivity and enhance reliability. Carriers are also adopting low-code or no-code development techniques, which allow employees without technical training to create websites and applications.
Additionally, platform vendors are turning to cloud-based platforms that can provide several benefits, including scalability, agility, and faster project timelines, the report says. The cloud can also connect carriers to a broad ecosystem of partners and enable them to collaborate with InsurTechs and other vendors.
The ISG Provider Lens™ Insurance Platform Solutions Report 2021 for the United States assesses the capabilities of 31 platform providers in two quadrants: life and retirement platforms and P&C platforms.
The report names DXC Technology and Majesco as leaders in both quadrants. Accenture, BriteCore, Duck Creek, EIS, EXL, FAST (Verisk), Guidewire, Infosys, Insurity, OneShield and Vitech were all named leaders in a quadrant.
Additionally, Appian was named a rising star — companies with “promising portfolios” and “high future potential,” as defined by ISG — in two quadrants. EIS and Illumifin were named Rising Stars in a quadrant.
Custom versions of the report are available from FAST (Verisk) and Vitech.
The ISG Provider Lens™ Insurance Platform Solutions Report 2021 for the United States is available for subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider assessment of its kind to combine data-driven empirical research and market analysis with the real-world experience and insights of the global advisory team. from ISG. Companies will find a wealth of detailed data and market analysis to help them select appropriate sourcing partners, while ISG advisors will use the reports to validate their own market knowledge and make recommendations to client companies. from ISG. The search currently covers providers offering their services worldwide, across Europe, as well as in the US, Canada, Brazil, UK, France, Benelux, Germany, Switzerland , Nordics, Australia and Singapore/Malaysia, with additional markets to be added. in the future. For more information on the ISG Provider Lens research, please visit this webpage.
A complementary research series, the ISG Provider Lens Archetype Reports, offers an initial assessment of providers from the perspective of specific buyer types.
ISG (Information Services Group) (Nasdaq: III) is a global leader in technology research and consulting. A trusted business partner to more than 800 customers, including more than 75 of the world’s 100 largest enterprises, ISG is committed to helping enterprises, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The company specializes in digital transformation services, including automation, cloud, and data analytics; procurement advice; governance and risk management managed services; network operator services; design of strategy and operations; change management; market intelligence and technology research and analysis. Founded in 2006 and headquartered in Stamford, Connecticut, 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 expertise in industry and technology and its world-class expertise. research and analysis capabilities based on the most comprehensive market data in the industry. For more information, visit www.isg-one.com.