ISG Provider Lens Report Finds the Industry Embracing Robotic Process Automation, Social Media and Robo Advisors
The insurance industry is rapidly adopting new technologies, and carriers are looking for business process outsourcing providers to help solve their business problems and increase profits, according to a new report published by Information Services Group (ISG) , a leading global technology research and advisory firm.
The 2019 ISG Provider Lens Digital Insurance BPO Services Archetype Report also finds many insurance carriers looking for BPO providers that can help them improve their brand visibility, increase customer retention, and stay ahead of the competition by deploying emerging technologies like artificial intelligence and robotic process automation.
“In the highly competitive insurance industry, carriers are looking for new ways to serve customers,” said Jan Erik Aase, director and global leader, ISG Provider Lens Research. “Many carriers now allow customers to purchase a policy on their mobile device or browse through an online insurance marketplace to select the best policy. BPO providers can help insurers develop these capabilities and more.”
When looking for BPO providers, many insurance carriers want nearshore or onshore operations, instead of offshore services, the report says. An offshoring model for non-critical solutions still exists, but for transformation-related projects, carriers are beginning to look for other options.
Driving the carriers’ focus on new technologies and their need for BPO providers is a focus on better customer experience, the report adds. Carriers are deploying robo advisors to provide personalized services to customers.
In addition, the adoption of robotic process automation across the industry is improving productivity and saving time and costs. With machine learning, the insurance industry is transforming the product lifecycle, from purchase to claims, as a touchless process.
Many insurance carriers increasingly are using social media and mobile apps to interact with customers, the report says. At many carriers, the purchase of insurance policies is just a click away, while social media is allowing carriers to predict customer sentiment and deliver tailormade responses.
The ISG Provider Lens 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 US, Germany, the UK, the Nordics and Brazil, with additional markets to be added in the future.