There is no let-up in the pace of change across the insurance industry, or the flow of investment in insurtech, as companies race each other to transform their old call centre brokerages, paper-dominated underwriting operations, or people-heavy back office/claims and compliance facilities. These are exciting, challenging times and those businesses which fail to adapt, will probably fail.
So, here’s some news from Information Services Group (ISG), a leading global technology research and advisory firm, who are focusing its digital capabilities on Europe’s insurance sector to meet the growing need for cloud computing, automation, advanced analytics and other digital technologies among insurers.
The new industry-focused business unit, ISG Insurance – EMEA, will provide industry-specific advice and support on digital transformation, agility and customer-centricity to insurance industry clients in the firm’s Europe, Middle East and Africa (EMEA) region.
The ISG Insurance business unit builds upon ISG’s established insurance credentials, which include 300-plus engagements with more than 90 current insurance clients, representing over $3 billion in total contract value globally. In all, ISG partners with 17 of the top 20 insurance companies in EMEA.
Steve Hall, partner and president of ISG EMEA, said: “The digital age has created a new set of challenges for insurers. They need to bring products to market faster than ever before, while creating new channels that allow them to better engage with their customers and continue to enhance their loyalty. At the same time, insurance companies are under pressure to increase profitability and efficiency while enhancing service levels. The ability to leverage digital capabilities and new technology in a pragmatic, considered manner is paramount to their success.”
Enterprise Agility, the ability to work effectively at different speeds, is critical as insurers launch new platforms alongside their legacy systems. ISG’s new vertical focus will help insurers build a strong foundation, consisting of a solid digital backbone and agile business model, that will set up their businesses for ongoing success.
Johanna von Geyr, ISG partner and Insurance Industry lead, ISG EMEA, said: “ISG’s deep understanding of the global insurance market, coupled with our leadership in digital solutions, are key to helping insurers successfully navigate their digital transformation. The sheer volume and complexity of available technologies can be overwhelming for business leaders. ISG’s mission is to cut through the complexity, take a pragmatic approach and help insurers achieve operational excellence.”
The ISG Insurance team offer a full range of services, including platform optimization, RPA and artificial intelligence, cybersecurity, digital transformation, and company-wide implementation of Agile and DevOps.