Companies partner with service providers on
digital transformations to meet economic, climate, customer service
challenges, ISG Provider Lens™ report says
Insurance companies in Australia and New Zealand continue to
invest in new technologies and services, including AI, to become
data-driven, digital-first organizations, according to a new
research report published today by Information Services Group (ISG)
(Nasdaq: III), a leading global technology research and advisory
firm.
The 2024 ISG Provider Lens™ Insurance Services report for
Australia and New Zealand finds that insurers in the region are
carrying out digital transformations to become more efficient and
comply with evolving regulations. Insurers face declining margins,
with inflation and extreme weather affecting claims. Changing
consumer expectations and competition from startups are forcing
established firms to innovate in products and customer
experiences.
“Insurance companies in Australia and New Zealand need to move
beyond legacy systems and cultures to remain competitive,” said
Michael Gale, partner and head of ISG Asia Pacific. “Service
providers are helping them make essential leaps in technology.”
AI and generative AI are playing a growing role as insurers in
the region adopt tools for use cases such as automated claims
processing, better customer interactions and predictive analytics
for risk management, the report says. The analytical and
performance capabilities of AI are expected to simplify complex
insurance products and enable cost optimization. However, full AI
readiness will require the ability to cultivate and apply highly
granular data.
Property and casualty (P&C) insurers, for one, are
implementing data analytics to improve risk assessment and customer
segmentation, leading to better decision-making, the report says.
To improve and personalize customer service, they are integrating
traditional and digital channels. There is a growing trend toward
partnerships with newer insurtech companies to boost innovation and
efficiency. Business process outsourcing (BPO) providers are
helping P&C insurers comply with regulations, especially in
security and automation efforts.
Life and retirement (L&R) insurers are also turning to BPO
providers to meet evolving policyholder demands, ISG says. While
L&R insurance is less commonly purchased than P&C coverage
in Australia and New Zealand, growing economic uncertainty has led
more consumers to improve their insurance protection.
Traditional IT outsourcing remains a big part of insurance
enterprises’ IT budgets in Australia and New Zealand, though
companies are exploring a range of strategies, including
nearshoring, offshoring, insourcing and outsourcing, to address
resource issues, ISG says. As they update IT infrastructures,
insurers are increasingly adopting Agile methodologies and relying
on cloud-based platforms.
“Digital transformation for insurers in this region will require
major investments in cloud, data management and security,” said Jan
Erik Aase, partner and global leader, ISG Provider Lens Research.
“ITO service providers with expertise in these areas will be
important partners in this process.”
The report also examines other trends affecting insurers in
Australia and New Zealand, including the need for enterprises to
retain intellectual property rights when adopting AI and the
growing importance of controls to prevent data leakage from AI
models.
For more insights into the challenges faced by insurance
enterprises in Australia and New Zealand, along with ISG’s advice
for addressing them, see the ISG Provider Lens™ Focal Points
briefing here.
The 2024 ISG Provider Lens™ Insurance Services report for
Australia and New Zealand evaluates the capabilities of 40
providers across four quadrants: Life and Retirement (L&R)
Insurance BPO Services, Property and Casualty (P&C) Insurance
BPO Services, Insurance ITO Services and Insurance ITO Services —
Midmarket Next-gen.
The report names TCS and Tech Mahindra as Leaders in three
quadrants each. It names Cognizant, Genpact, TSA and Wipro as
Leaders in two quadrants each. Accenture, Capgemini, Cloud4C, DXC
Technology, EXL, Fujitsu, IBM, Infosys, Iron Mountain, Kyndryl,
Publicis Sapient, Randstad Digital, Teleperformance, Unisys and WNS
are named as Leaders in one quadrant each.
In addition, EXL, HCLTech, WNS and Xceedance are named as Rising
Stars — companies with a “promising portfolio” and “high future
potential” by ISG’s definition — in one quadrant each.
A customized version of the report is available from WNS.
In the area of customer experience, Persistent system is named
the global ISG CX Star Performer for 2024 among insurance services
providers. Persistent system earned the highest customer
satisfaction scores in ISG's Voice of the Customer survey, which is
part of the ISG Star of Excellence™ program, the premier quality
recognition for the technology and business services industry.
The 2024 ISG Provider Lens™ Insurance Services report for
Australia and New Zealand is available to 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 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, as well as in the U.S., Canada, Mexico,
Brazil, the U.K., France, Benelux, Germany, Switzerland, the
Nordics, Australia and Singapore/Malaysia, with additional markets
to be added in the future. For more information about ISG Provider
Lens research, please visit this webpage.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading
global technology research and advisory firm. A trusted business
partner to more than 900 clients, including more than 75 of the
world’s top 100 enterprises, ISG is committed to helping
corporations, public sector organizations, and service and
technology providers achieve operational excellence and faster
growth. The firm specializes in digital transformation services,
including AI, cloud and data analytics; sourcing advisory; managed
governance and risk services; network carrier services; strategy
and operations design; change management; market intelligence and
technology research and analysis. Founded in 2006, and based in
Stamford, Conn., ISG employs more than 1,600 digital-ready
professionals operating in more than 20 countries—a global team
known for its innovative thinking, market influence, deep industry
and technology expertise, and world-class research and analytical
capabilities based on the industry’s most comprehensive marketplace
data. For more information, visit www.isg-one.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20250120886186/en/
Will Thoretz, ISG +1 203 517 3119 will.thoretz@isg-one.com
Julianna Sheridan, Matter Communications for ISG +1 978-518-4520
isg@matternow.com
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