Insurance organizations of every size and across industry segments continue to experience a growing and interrelated assortment of challenges. Growth, cost optimization and efficiency gains are constant imperatives, as carriers strive to improve profitability and increase their market share through organic growth and acquisitions. Insurers need to increase efficiencies across their organizations to contain costs and streamline operations. However, they find it challenging to comply with the ever-changing regulatory mandates that are becoming more stringent, especially with regard to protecting consumers under data security laws.
Insurers should also step up their game by improving customer experience across all channels and touchpoints, optimizing customer-facing processes from application and onboarding to claims. They should also optimize their distribution channels and empower their agents and brokers with sophisticated tools and technologies they need to do their jobs effectively. ISG sees a variety of trends in the insurance platform space as providers tailor their products to help Life & Retirement (L&R) and Property & Casualty (P&C) insurers meet their most pressing business challenges.
In this space, Infosys has been recognized as a Leader in the ISG Provider LensTM Insurance BPO Platforms U.S. 2020 study. This study evaluated platform vendors on their market strengths and the attractiveness of their product portfolios. The leaders in each quadrant typically have a combination of strong market presence and extensive product capabilities. The study serves as an important decision-making basis for positioning and go-to-market considerations.
Infosys has the below strengths across multiple quadrants:
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