US insurance companies hire BPO vendors to recover from pandemic
ISG Provider Lens™ Report Shows U.S. Insurance Companies Are Also Turning to BPO Providers to Improve Customer Experience
STAMFORD, Connecticut, March 21, 2022–(BUSINESS WIRE)–U.S. insurers are turning to business process outsourcing (BPO) providers to help them navigate a new way of doing business and meet rising customer expectations resulting from the COVID-19 pandemic, according to a new report released today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and consulting company.
The ISG Provider Lens™ Insurance BPO Services Report 2021 for the United States reveals that insurance companies across the country are seeking provider expertise to supplement their in-house talent after significant turnover during the pandemic.
Insurance BPO providers offer technologies that help insurance companies automate processes and reduce manual manipulation of insurance processes, allowing companies to reduce the number of employees in certain areas, the report says. Carriers are also turning to BPO vendors to help them build and grow their online sales channels, reduce costs and optimize processes.
“During the pandemic, insurance companies needed to be able to sell remotely with mobile apps that provide a first-class customer experience,” said Paul Schreiner, Partner and Head of Insurance Industry for ISG Americas. “Carriers that were far behind in their digital transformation efforts before the pandemic were able to transition easily to remote work models because they could offer customers and employees tools and technology that automated many processes.”
The report finds that many insurance companies in the United States still face pre-pandemic issues such as the constraints of legacy technology systems as they market their services to an increasingly data-savvy customer base. of technology. Carriers also face increasing competition from traditional and new competitors, such as Insurtechs, as well as cybersecurity concerns and data processing issues.
To achieve their growth and innovation goals, many operators are turning to BPO service providers to help them bring new customer-facing technologies to market, the report adds.
Carriers in the United States also use BPO vendors and third-party administrators (TPAs) to provide sophisticated analytics tools, the report said. Many vendors now offer analytics and data management capabilities that help operators make sense of their data and glean insights to inform strategic business decisions.
Additionally, U.S. carriers are turning to BPO vendors and TPAs to help them contain costs and optimize business efficiencies, the report adds. Automating parts of the underwriting process can, for example, free trained staff from performing redundant and manual tasks.
Finally, many carriers see engagement with BPO vendors and TPAs as a key to improving the customer experience, the report says. BPO providers and TPAs can help insurers create personalized services, facilitate processes from inquiries to claims, and create omnichannel communications with policyholders.
The 2021 ISG Provider Lens™ Insurance BPO Services report for the United States assesses the capabilities of 34 providers in three quadrants: life and retirement services, P&C services, and TPA life and retirement services.
The report names Accenture, Cognizant, DXC Technology, EXL, Infosys and WNS as leaders in all three quadrants. Genpact and TCS are named Leaders in two quadrants, and NTT DATA, ReSourcePro and SE2 are named Leaders in one quadrant.
Additionally, Genpact, Illumifin, and Teleperformance were named Rising Stars—companies with “promising portfolios” and “high future potential” as defined by ISG—in one quadrant.
A customized version of the report is available at SMB.
The 2021 ISG Provider Lens™ Insurance BPO Services report for the United States is available for subscribers or for one-time purchase on this Web page.
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 Web page.
A complementary research series, the ISG Provider Lens Archetype Reports, offers a one-of-a-kind assessment of providers from the perspective of specific buyer types.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and consulting company. 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; business 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.
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Will Thoretz, ISG
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Erik Arvidson, Matter Communications for ISG
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