Everest Group

DECEMBER 16, 2022

Everest Group estimates the massive economic value insurance enterprises can generate by tapping their vast data pools to achieve operational efficiency and drive premium growth. By investing in becoming data-centric organizations, insurance companies can unlock a collective economic value of US$874 billion, according to Everest Group.

Insurance 130

Insurance Analytics Research Efficiency 130

Everest Group

MARCH 17, 2023

Managing General Agents (MGAs) and wholesalers are becoming increasingly relevant in the insurance ecosystem due to the unique advantages they have over brokers/agents. As insurance intermediaries that represent carriers, MGAs provide insurance products to retail agencies and insureds. Read on to learn more.

Insurance 130

Insurance Robotics Process Automation Risk Management Risk Management 130

Automation Anywhere

JANUARY 20, 2021

When it comes to underwriting, the goal for insurance carriers is to determine the right price for the right risk. Meeting that goal can help them not only be competitive in today's crowded, highly demanding insurance market but also assist them in achieving profitable growth with reasonable loss ratios.

Insurance 98

Insurance Automation Robotics Process Automation Sourcing 98

Magellan Solutions

APRIL 28, 2023

Top 7 Benefits of Outsourcing Administrative Functions for Insurance Companies Insurance companies encounter a variety of challenges nowadays. Outsourcing administrative functions for insurance companies has been a proven strategy to consider. With the rising inflation, insurance companies are looking for ways to reduce costs.

Administrative 98

Administrative Insurance Outsourcing Data Entry 98

IBM Services

DECEMBER 1, 2023

Insurers struggle to manage profitability while trying to grow their businesses and retain clients. Large, well-established insurance companies have a reputation of being very conservative in their decision making, and they have been slow to adopt new technologies.

Insurance 103

Insurance Automation Regulations Reduced Costs 103

Everest Group

AUGUST 14, 2024

Linkedin Live Reimagining the TPA: Making Digital Human August 14, 2024 Catch Everest Group’s Ronak Doshi in this upcoming panel, where fellow industry experts will join him to discuss how to reimagine the third-party administrator (TPA) space and bring in efficiencies, automation, and integration needs within the TPA construct.

Insurance 147

Insurance Administrative Sourcing Efficiency 147

Everest Group

NOVEMBER 28, 2023

The Managing General Agent (MGA) sector is a bright spot in a turbulent insurance market. Technology investments and strategic partnerships will be key to redefining risk and driving innovation for these specialized insurance agents/brokers. The data provides a compelling sense that MGAs have a bright future ahead.

Insurance 147

Insurance Service Co-Sourcing Analytics 147

Everest Group

NOVEMBER 2, 2023

Furthermore, within a rapidly evolving digital health ecosystem, patient engagement platforms are essential in ensuring compliance with regulatory requirements and data security, contributing to healthcare businesses’ overall efficiency and success.

Healthcare 162

Healthcare Insurance Sourcing Information Technology 162

Everest Group

AUGUST 24, 2022

For buyers, the need to increase efficiency and productivity by reducing false positives and manual intervention, as well as by mitigating profile risks, remains paramount. Market Insights™ Insurer of the Future: Invisible Protection Provider. Delighting Insurance Customers Through a Simplified Experience. Our Thinking.

Banking 130

Banking Insurance Service Advisory 130

IBM Services

MAY 8, 2023

In my previous post , I described the different capabilities of both discriminative and generative AI, and sketched a world of opportunities where AI changes the way that insurers and insured would interact. The risk of privacy leakage from interaction with AI technologies is a major source of consumer concern and mistrust.

Insurance 71

Insurance Government Regulations Analytics 71

Everest Group

NOVEMBER 16, 2022

This has created a big opportunity for GBS organizations to move from being measured for their labor arbitrage and cost efficiency to the value they can deliver to enterprises. These organizations are also focusing on workplace diversity , pay equity, and good governance structure to meet their ESG aspirations.

Sourcing 130

Sourcing Banking Global Business Services Out-Tasking 130

Everest Group

FEBRUARY 2, 2023

The banking industry is redefining itself through emerging technology that is improving products, customer services, and operational efficiencies. Smart contracts are self-executing agreements between parties that use blockchains as their source code. Legacy banks and nations are now following the wave.

Banking 246

Banking Service Right-Sizing Automation 246

Premier BPO

OCTOBER 23, 2024

1 However, the growing complexity of data ecosystems, with multiple sources, formats, and technologies, presents significant challenges in aggregating and understanding this valuable asset. Extract : Pulls data from different sources, including databases, flat files, cloud services, etc. What is ETL?

Co-Sourcing 130

Co-Sourcing Streamline Operations Government Analytics 130

Everest Group

JUNE 28, 2023

The Banking, Financial Services, and Insurance (BFSI) industry faces various challenges in today’s evolving environment, from inflation and cybersecurity to increased competition from fintechs, and changing customer expectations. In this blog, we’ll explore how DIT can help the BFSI industry tackle pressing issues.

Banking 130

Banking Cybersecurity Insurance Analytics 130

Hyland

OCTOBER 31, 2022

Claims has been a top concern for property and casualty insurers , especially with recent events such as the COVID-19 pandemic and the ongoing threat of natural disasters. Claims in sectors like auto insurance increased in severity in recent years. The adage “time is money” is the core of efficient claims handling.

Efficiency 52

Efficiency Insurance Analytics Sourcing 52

Everest Group

APRIL 9, 2024

The G6 BPO debate moderated by Deborah Kops, Founder of Sourcing Change, at SSOW aimed to take global BPO leaders out of their comfort zones and into a “not-so-safe space.” We have seen a consistent insourcing trend among leading global banks, insurers, consumer packaged goods firms, healthcare and life-sciences companies, and manufacturers.

Global Business Services 182

Global Business Services Outsourcing Service BPO 182

Perficient Digital Transformation

JULY 6, 2023

A blockchain-based data model for health insurance could potentially help to improve the efficiency and security of the health insurance industry. In such a model, each participant in the network, such as a patient, healthcare provider, or insurance company, would have their own unique identity on the blockchain.

Insurance 52

Insurance Healthcare Reduced Costs Regulations 52

Perficient Digital Transformation

JULY 3, 2024

Data Integration : Seamlessly connect with your Salesforce data and external sources to populate dynamic content within your UIs. Increased Efficiency : Streamline workflows and automate repetitive tasks, freeing up resources for more strategic activities. You need to access and transform data from third-party sources.

Insurance 111

Insurance Sourcing Automation Reduced Costs 111

Everest Group

FEBRUARY 16, 2024

Stakeholders prioritize efficiency and productivity, aiming to reduce false positives and mitigate potential losses from regulatory fines. Providers are seizing opportunities to leverage technology in their capabilities, provide platform-led solutions, and co-innovative advisory services to meet the industry’s growing demands.

Co-Sourcing 173

Co-Sourcing Banking Service Advisory 173

Everest Group

JUNE 27, 2024

The restructuring opens new opportunities for the outsourcing industry as banks seek third-party support to drive efficiency and innovation. For instance, new business divisions may warrant a new sourcing plan. This transformation involves cost-cutting, digitalization, and a focus on core business areas. Reach out to us to learn more.

Banking 147

Banking Outsourcing Service Sales 147

Everest Group

JANUARY 12, 2024

Similarly, UBS launched a three-year senior bond on Distributed Ledger Technology (DLT) through SIX Digital Exchange, showcasing the potential for efficient and secure bond issuance. These developments, fueled by partnerships and even the entry of insurers, are poised to propel digital asset adoption.

Banking 162

Banking Insurance Retail Collaborations 162

Everest Group

JUNE 16, 2023

Read on to learn about six benefits of supplier diversity that sourcing and procurement professionals should take advantage of. For many sourcing organizations, Environmental, Social, and Governance (ESG) considerations have become more visible criteria in selecting strategic suppliers.

Outsourcing 130

Outsourcing Service Government Sourcing 130

Everest Group

SEPTEMBER 29, 2021

RFP versus sole-sourced deals : First, there is nothing wrong with a sole-sourced deal. It can be more efficient, shorter in duration, and deliver greater value compared to an RFP-led scenario, given you have a trusted relationship with a vendor of choice.

Outsourcing 130

Outsourcing E-Commerce Service Advisory 130

Everest Group

MAY 9, 2024

Metrics now need to go beyond merely gauging efficiency; they must directly contribute to strategic business objectives. In the Banking, Financial Services, and Insurance (BFSI) sector, a targeted metric could be reducing forbearance negotiations or improving loan collection efficiency.

Service 147

Service Collaborations Outsourcing Services Contracting 147

AS White Global

AUGUST 10, 2022

In recent years, insurers have relied on outsourcing insurance services to give them a significant edge in this highly competitive industry. Insurance companies have had to adapt to changes in regulations and to their customers’ evolving needs in response to the pandemic situation. Optimising operations for maximum efficiency.

Offshoring 52

Offshoring Insurance Service Data Entry 52

Perficient Digital Transformation

JULY 19, 2023

One such industry that will be forced to utilize AI solutions to gain a competitive advantage is the regional insurance carrier industry. By harnessing the power of AI, regional insurance carriers can streamline their operations, enhance customer experience, and make more informed decisions.

Insurance 52

Insurance Automation Streamline Operations Reduced Costs 52

Mattsen Kumar

OCTOBER 7, 2024

In the insurance world, where the promise of protection often meets the reality of paperwork and jargon, delivering exceptional customer experience (CX) has never been more crucial. In the UK insurance sector, the quest for providing outstanding CX is not just a pipe dream but a tangible goal for 2024 and beyond. Sounds dreamy, right?

Insurance 52

Insurance Call Center Analytics Regulations 52

Everest Group

AUGUST 7, 2023

Multi-Process Human Resources Outsourcing (MPHRO) Services In today’s Volatile, Uncertain, Complex, and Ambiguous (VUCA) world, organizations are constantly seeking ways to optimize their operations and enhance their overall efficiency.

Human Resources 130

Human Resources Outsourcing Service Banking 130

Everest Group

JULY 20, 2023

This allows organizations to reduce CAPEX and OPEX associated with maintaining an internal IAM team while ensuring efficient and secure management of digital identities. To address the shortage of in-house IAM expertise, companies are adopting external IAM services.

Management 130

Management Service Regulations Insurance 130

IBM Services

DECEMBER 4, 2023

IBM can help insurance companies insert generative AI into their business processes IBM is one of a few companies globally that can bring together the range of capabilities needed to completely transform the way insurance is marketed, sold, underwritten, serviced and paid for.

Insurance 56

Insurance Cybersecurity Risk Management Risk Management 56

AS White Global

AUGUST 10, 2022

In recent years, insurers have relied on outsourcing insurance services to give them a significant edge in this highly competitive industry. Insurance companies have had to adapt to changes in regulations and to their customers’ evolving needs in response to the pandemic situation. Optimising operations for maximum efficiency.

Offshoring 52

Offshoring Insurance Service Data Entry 52

Perficient Digital Transformation

APRIL 3, 2024

Insurers are constantly striving to improve their operations, provide better experiences for customers, and minimize risks. Monica Gernert, a project manager, and insurance expert at Perficient, provided a critical perspective around genAI that’s quoted in the report. This kind of intelligence proves the noble purpose of insurance.”

Insurance 52

Insurance Sourcing Efficiency Management 52

Zinnov

AUGUST 24, 2022

Here are just a few examples out of thousands, that the public will probably never hear about: Efficient Escrow of California was forced to close its doors and lay off its entire staff because cybercriminals nabbed USD 1.5 Cybersecurity company Symantec’s analysis has revealed that 52.4% Mn from its bank account.

Cybersecurity 144

Cybersecurity Insurance E-Commerce Banking 144

Everest Group

MARCH 18, 2024

Additionally, they are exploring flexible and cost-efficient delivery models by expanding delivery to talent-rich regions and using AI and automation for productivity. Despite the influx of new entrants in the marketing ecosystem, CX remains the central focus for all stakeholders.

Marketing 147

Marketing Service Insurance Finance 147

Everest Group

NOVEMBER 16, 2022

Adoption of task mining solutions can not only help enterprises achieve cost savings and operational efficiencies by optimizing and automating tasks, but also enhances employee experience through better resource allocation. Everest Group is a research firm focused on strategic IT, business services, engineering services, and sourcing.

Marketing 130

Marketing Automation Software Robotics Process Automation 130

Everest Group

FEBRUARY 2, 2023

While its promise remains high, will the banking, financial services, and insurance (BFSI) sector unearth ChatGPT’s full potential? Let’s explore ChatGPT’s potential to impact the future of AI and its usage in the technology and services industry, particularly by financial institutions, banks, and insurers. Read on to find out.

Banking 130

Banking Out-Tasking Insurance Engineering 130

Perficient Digital Transformation

NOVEMBER 21, 2023

With nearly three decades of experience directing commercial lending, corporate finance, and insurance for leading brands, Perficient’s Insurance Principal, Brian Bell, stands at the forefront of our financial services practice. Brian believes insurance serves a noble purpose and is a great source of pride.

Insurance 52

Insurance Research Jobbing Finance 52