Outsourcing Helps Australian Insurers Mount Obstacles
Insurance companies are working with service providers to compete in a changing industry while facing rising claims, ISG Provider Lens™ report says
Insurance companies in
The 2022 ISG Provider Lens™ Insurance Services report for
“Insurance companies in
Insurance claims soared in
At the same time, established insurance companies in
Service providers are easing the strain on insurers with the resources to quickly respond to major events like the recent floods, ISG says. In a tight market for IT expertise, outsourcers can make available tens of thousands of professionals with insurance and digital technology experience. Insurers are beginning to outsource not just transactional functions but also high-skill processes such as underwriting. In addition, providers are expanding their services beyond traditional BPO to include strategy, consulting and digital transformation.
“Australian insurers need outsourcing and new technologies to meet current and future demands,” said
The report also examines several other trends in the Australian insurance services industry, including the increasing use of outcome-based provider engagements and the role of AI and machine learning in important new capabilities.
The 2022 ISG Provider Lens™ Insurance Services report for
The report names EXL, Genpact and Wipro as Leaders in both quadrants. It names TCS,
In addition, TCS and WNS 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.
The 2022 ISG Provider Lens™ Insurance Services report for
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
A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.
About ISG
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