ISG | July 16, 2022
Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, has launched a research study examining providers of services that are enabling a growing number of insurance organizations to modernize their operations for better business outcomes.
The study results will be published in a comprehensive ISG Provider Lens™ report, called Insurance Services 2022 — BPO and ITO, scheduled to be released in November. The report will cover companies offering services including business process outsourcing (BPO), information technology outsourcing (ITO), business-process-as-a-service (BPaaS) and third-party administration (TPA).
Enterprise buyers will be able to use information from the report to evaluate their current vendor relationships, potential new engagements and available offerings, while ISG advisors use the information to recommend providers to the firm’s buy-side clients.
Many insurance organizations are adopting advanced technologies to modernize services, improve customer experience and grow in a cost-effective way. They are implementing technologies including intelligent automation, straight-through processing (STP), AI and machine learning, often migrating from legacy systems to cloud platforms to enable digital transformation.
“More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research.
“More insurance companies are now working with outsourcing and technology providers to enhance their capabilities,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Many are forming long-term, mutually beneficial partnerships with providers to become more competitive.”
ISG has distributed surveys to more than 60 insurance services providers. Working in collaboration with ISG’s global advisors, the research team will produce four quadrants representing the digital services and products the typical insurance enterprise is buying, based on ISG’s experience working with its clients. The four quadrants are:
Life & Retirement Insurance BPO Services, evaluating outsourcing services such as consulting, technology enablement, policy administration and managed services for providers of insurance types such as life insurance, annuities and supplemental benefits.
Property & Casualty Insurance BPO Services, assessing outsourcing services for insurance coverage areas including auto, theft, property and natural catastrophe.
BPaaS and TPA Insurance Services, evaluating providers of BPO and ITO services bundled into a comprehensive service, typically through a licensed provider or third-party administrator.
Insurance ITO Services, covering both traditional and more modern IT services, including technology support and business transformation programs to improve profitability, optimize costs and enhance customer experience.
Geographically focused reports from the study will cover the global insurance services market and examine products and services available in the U.S., Australia, and U.K. and Europe. ISG analysts Ashish Jhajharia, Angus Macaskill, Jocelyn Cheung and Sandhya Hari Navage will serve as authors of the report.
An archetype report will also be published as part of this study. This report, unique to ISG, is the study of typical buyer types of contact center services as observed by ISG advisors.
A list of identified providers and vendors and further details on the study are available in this digital brochure. Companies not listed as insurance services providers can contact ISG and ask to be included in the study.
All 2022 ISG Provider Lens™ evaluations now feature new and expanded customer experience (CX) data that measures actual enterprise experience with specific provider services and solutions, based on ISG’s continuous CX research. Enterprise customers wishing to share their experience about a specific provider or vendor are encouraged to register here to receive a personalized survey URL. Participants will receive a copy of this report in return for their feedback.
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, 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.
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.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 800 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 automation, 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 1,300 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.
Ascend and The Agency Collective | August 22, 2022
Ascend, the first modern insurance payments platform, has been officially endorsed by The AC as their preferred payments and financing platform for its vast member network.
Ascend is the first modern insurance payments platform that provides automated all-in-one financing, collections, and payables. The AC is a premier network partner for insurance agencies. They host a network of over 700 agencies and help agents transition from captive to independent models. They are committed to the success of the independent agency channel across the insurance industry.
"We are thrilled to partner with The AC and their network of agency members as we believe in serving the independent agency channel and their clients, This partnership will help ease the transition so many agents are making into the independent model by providing them with our modern payments platform that simplifies and streamlines the insurance payments process for all parties involved – including agents and agencies of all sizes."
-Chris Peabody, Head of Strategic Partnerships
The AC is aligned with Ascend in terms of forward-thinking technology solutions for independent agents to improve internal processes and provide a modern checkout. Their network of agency members will be able to leverage Ascend's technology to solve the inefficiencies of today's agency bill and premium financing processes.
We pride ourselves on working with innovators and companies that not only align with our mission to help independent agents but also enhance it, Ascend is tackling one of, if not the, biggest pain points that agents are dealing with – the antiquated and cumbersome payments system. We're proud to endorse them and engrain them into our network of agents,says Kenny Urbania, CEO at The AC.
This is one of many partnerships and alignments Ascend has been a part of this year, as they deepen their relationships with other insurtechs, MGAs, AMS, and carriers to complement the innovations being made by companies in the insurance market.
Ascend is the modern insurance payments platform that provides automated all-in-one financing, collections, and payables. Founded by two-time insurtech entrepreneurs Andrew Wynn and Praveen Chekuri, Ascend helps distributors sell more by eliminating labor-intensive, expensive processes while providing customers with the great online checkout and financing experience they've come to expect.
About The Agency Collective
The AC is a new type of agency network that offers a suite of tools to its partner agencies. It was founded in 2019 by a group of formerly Nationwide agents who are now independent. The AC currently works with close to 700 agencies of all sizes, whose continued growth is supported through carrier access, business tools, and services.
Harford Mutual Insurance Group, One Inc. | July 26, 2022
One Inc, the leading digital payments network for the insurance industry, announced today that property and casualty carrier, Harford Mutual Insurance Group (Harford Mutual), has selected One Inc’s ClaimsPay® to help process claims payments and synchronize the company’s workflow. The success of ClaimsPay marks the growing number of clients utilizing One Inc for payment digitization.
Headquartered in Bel Air, Maryland, Harford Mutual is represented by nearly 450 independent insurance agencies and is licensed in nine states and the District of Columbia. Harford Mutual’s selection of One Inc’s ClaimsPay is its latest step forward in assuring that its policyholders are taken care of in the critical moments when a claim is initiated, adjusted, and completed.
As part of their campaign to digitize its customer experience and more efficiently manage its property and casualty policies, Harford Mutual will integrate One Inc’s ClaimsPay technology with their claims administration software provider, Origami Risk. With ClaimsPay, Harford Mutual’s policyholders will have seamless and efficient access to multiple payment options, and underwriters will have a powerful tool to aid in customer retention while reducing expenses and bolstering data security and compliance.
“Integrating One Inc’s ClaimsPay with Origami was a natural choice as we sought to innovate this vital area of our business,” said Wayne Gearhart, Vice President of Claims at Harford Mutual. “We are very happy with the selection and the benefits both platforms can provide to our team and, more importantly, our customers. Along with security, speed, and ease of the process, these technology solutions are of paramount importance to us as we upgrade our customer and employee experiences.”
“Instant payments deliver a compelling customer value proposition and a competitive advantage to businesses,” said Ian Drysdale, CEO at One Inc.
“Instant payments deliver a compelling customer value proposition and a competitive advantage to businesses,” said Ian Drysdale, CEO at One Inc. “As Harford Mutual adopts new ways to be more efficient, many insurers are eyeing their claims technology to provide digital infrastructure that can help them rapidly adapt to the ever-changing needs of customers and stay ahead of the competition. We are proud that carriers like Harford Mutual are choosing One Inc for claims payment transformation and additionally pleased to run these integrations with partners like Origami.”
About One Inc
One Inc is modernizing the insurance industry through a unified and frictionless payment network. Focusing only on the insurance industry, One Inc helps carriers transform their operations by reducing costs, increasing security, and optimizing customer experience. The comprehensive end-to-end digital payments platform provides expanded payment options, multi-channel digital communications, and rapid digital claim payment, even for the most complex insurance use cases. As one of the fastest growing digital payments platforms in the insurance industry, One Inc manages billions of dollars per year in premiums and claim payments. For more information, please visit www.oneinc.com.
About Harford Mutual Insurance Group
Harford Mutual Insurance Group (HMIG), founded in 1842 in Harford County, Maryland, provides property and casualty insurance products and services to a regional market. Headquartered in Bel Air, Maryland, the company is represented by nearly 450 independent insurance agencies who in turn, are supported by expert in-house staff of underwriters, claims professionals, and insurance specialists. Licensed in Delaware, Georgia, Maryland, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and Washington D.C., HMIG wrote $290 million in direct written premium in 2021. For more information, please visit https://www.harfordmutual.com/.