AI is transforming the European insurance industry: ISG by Investing.com
says the ISG Supplier Lens™ report. AI-powered tools can tackle the challenges of the insurance industry
LONDON–( BUSINESS WIRE )–An unpredictable global environment and AI and intelligent technologies are creating fundamental changes in the risk landscape and how insurers interact with customers and regulators in Europe, says a new research report from Information services Group (ISG) (NASDAQ: NASDAQ: ), a leading global technology research and consulting firm.
The 2024 ISG Supplier Lens Insurance Services Report for Europe states that new AI-powered tools can address existing and growing challenges in the insurance value chain. Enterprises are adopting solutions to streamline operations, improve service delivery and ensure compliance with new regulations.
The residual effects of Covid-19 and the ongoing global climate crisis are leading to a rapidly evolving risk landscape and are disrupting well-established activity models, said Torsten Stewe, director of ISG Insurance at EMEA. The economic impact of these forces is influencing how much consumers and businesses can spend on insurance products. Insurance providers are now beginning to evaluate the shift in strategy that these forces will implement.
The report says AI has moved from a speculative concept to a transformational force in insurance, with data-driven agent profiling, predictive health analytics and advanced fraud detection methods. Service providers are offering more specialized solutions to meet the demand for personalization using advanced technologies such as AI/ML to improve claims processing, policy management and customer service.
Focusing on more data-driven decision-making and predictive analytics services for the European market, service providers are helping insurance companies transform their business processes into digital operations to improve customer experience throughout the insurance service lifecycle.
While managed services and application data management remain critical components of insurance enterprise IT budgets, ISG’s research shows that IT outsourcing providers are shifting their portfolios to systems integration, IT consulting and business consulting, and enabling digital technologies, including conversational AI, to improve customer engagement.
Customer experience and innovation have emerged as key competitive differentiators in the insurance industry, said Jan Erik Asse, Partner and Global Leader of ISG Provider Lens Research. Strategic supplier partners can create greater value by providing cost-effective and sustainable growth technologies, innovative business processes and insurance domain capabilities.
The report also explores the need for insurance leaders to critically assess their current organizational posture. To effectively harness the vast potential of AI, insurers must establish a scalable AI infrastructure, encourage collaboration between data science and operational teams, and maintain a culture of continuous innovation.
Take a look at ISG’s Supplier Lens™ Focus Points Briefing on the challenges facing insurance companies in Europe, including sustaining profitability and reinventing business models.
The 2024 ISG Supplier Lens™ Insurance Services for Europe assesses the capabilities of 55 providers: Life & Retirement (L&R) Insurance BPO Services, Property & Casualty (P&C) Insurance BPO Services, Insurance ITO Services, Insurance ITO Services “Midmarket” and Insurance ITO Services “Midmarket” Next-Gen.
The report includes Accenture (NYSE: ), Cognizant (NASDAQ: ), Genpact (NYSE: ), TCS and Tech Mahindra (NSE:) each in three quadrants as leaders. EXL, Sopra Steria and WNS (NYSE: ) are leaders in two quadrants 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, Ranstad (AS: ) Digital, Sutherland, Unisys (NYSE: ) Wipro (NYSE: ) and Zuehlke were each named leaders in one quadrant.
Additionally, HCLTech, Sopra Steria, UST, Xceedance and Zuehlke were named Rising Stars.
In the area of customer experience, Continuous systems (NSE: ) has been named a global ISG CX Star Performer for 2024 among insurance service providers. Continuity Systems received high customer satisfaction scores in the ISG Voice of Customer survey, part of the ISG Excellence™ program, the technology and business services industry’s premier quality recognition.
Custom versions of the report are available from NTT Data, WSNS and Sutherland.
The Europe 2024 ISG Supplier Lens Insurance Services Report is available on this website for subscribers or one-time purchase.
Research about ISG Supplier Lens™
ISG’s Supplier Lens ‘Quadrant’ research series is the only unique carrier assessment of its kind, combining data-driven research and market analysis with the real-world experience and observations of ISG’s global consulting team. Enterprises get detailed information and market analysis to help them choose the right data sourcing partners, while ISG consultants use the reports to validate their own market knowledge and provide recommendations to ISG’s enterprise clients. The survey covers providers currently serving across Europe, as well as additional markets in the US, Canada, Mexico, Brazil, UK, France, Benelux, Germany, Switzerland, Nordics, Australia and Singapore/Malaysia. Increase in the future. For more information on ISG’s supplier lens research, please visit this website.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and consulting firm. A trusted business partner of over 900 customers, including over 75 of the Global 100 Enterprises, ISG is committed to helping corporations, public sector organizations and service and technology providers achieve operational excellence and rapid growth. The firm specializes in digital transformation services including AI, cloud and data analytics. source advice; managed management and risk services; Network service providers; Strategy and Operations Design; change management; Market information and technology research and analysis. In the year Founded in 2006 and based in Stamford, Conn. , ISG is a global team of more than 1,600 digital-ready professionals operating in more than 20 countries with innovative thinking, market impact, deep industry and technology knowledge, and research and analytical capabilities based on the industry’s most comprehensive marketplace data globally. For more information, visit www.isg-one.com.
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Click Contacts:
Will Torres, ISG
+1 203 517 3119
will.thoretz@isg-one.com
Philip Jensch, ISG
+49 151 730 365 76
philipp.jaensch@isg-one.com
Source: Information Services Group, Inc.