Top 10 Reports

HfS Industry Blueprint: Insurance Operations Services 2018

May 18, 2018

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WHAT THIS BLUEPRINT REPORT COVERS

This Insurance Operations Services Blueprint 2018 examines the state of the insurance industry and investigates the service provider landscape in terms of how they are supporting and enabling the digital transformation of insurance firms. We analyzed the capabilities of 24 service providers across the insurance value chain to develop a comprehensive analysis of industry-specific services and solutions for insurance enterprises.

 

WHAT YOU’LL KNOW AFTER READING

The report quantifies the health of the insurance sector, examines buyer objectives for digital transformation, provides emerging use cases for key change agents, reviews provider developments, and makes recommendations for buyers and providers of insurance-focused services.

 

KEY MARKET DYNAMICS

  • The HfS health rating for the insurance industry shows the sector as lagging, based on growth metrics in the low single digits. The rating takes into account revenue and profit data, M&A growth for insurance overall and for insurtechs, VC funding growth in insurtechs, IPO growth over the past three years, and bankruptcy trends.
  • Insurance firms view topline growth and customer experience as the biggest reasons for transformation. While this top-level alignment is encouraging for a lagging industry, the operational transformation goals are still centered around cost takeout. Carriers need to address this disconnect in what they say they want and what they are ultimately focused on with major operations initiatives.
  • Planning and piloting across the board. While industry news and market activity might suggest otherwise, HfS data shows that the majority of hyped change agents are still in planning or pilot stages for insurance carriers. Augmented reality, smart analytics, and machine learning are the top areas in the planning stage, while levers like IoT and cloud-based initiatives are being piloted.

 

WHO SHOULD READ THIS REPORT

Executive leaders and business unit leaders, technology leaders, R&D leaders, management consultants, investment professionals, advisors, and outsourcing managers who have responsibilities in building out service delivery capabilities for insurance-specific solutions.

 

SERVICE PROVIDERS DISCUSSED

NIIT Technologies, Accenture, Cognizant, Genpact, IBM, Infosys, TCS, Wipro, Capgemini, DXC, EXL, Hexaware, LTI, Syntel, Tech Mahindra, WNS, SE2, Capita, Concentrix, HCL Technologies, NTT DATA, Sutherland, Mphasis, Conduent

 

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