Intelligent virtual agents’ (IVA’s) evolving capabilities: Key changes in the IVA market in the last 12-18 months are enabling IVAs to handle much more complex interactions which is driving the ability to serve specialized needs across industries and horizontals
To maximize the benefits of blockchain, enterprises need to take a planned and measured approach to adoption
Use cases for CPG, Technology, Automotive, BFS
Fun fact: Many long-established insurance companies still rely on legacy mainframes computers running applications in an outdated programming language from the 1960s. That’s not ideal, because today’s tech-savvy, smartphone-using customers are more mobile and expect real-time information whenever and wherever they are, without the assistance of an agent or a call center representative. Not good, because the modern agent requires new tools and applications to maintain productivity in a mobile environment, including instant policy quotes. And especially not good, because the “insurtechs” – new, innovative, and rapidly growing companies with social savvy marketing and modern technologies – are just waiting in the wings, ready to grab your market share.
You have to adapt and evolve in record time to create a seamless customer experience while improving employee productivity to remain competitive and increase customer retention. By implementing APIs and microservices, you can extend those insurance backend systems to mobile, web, and cloud rapidly, and cost-efficiently, all with low risk. By using the “art” of the API, you succeed where past transformation options failed.
According to an article in Forbes by Peter Bendor-Samuel, “The record of studies on digital transformation indicate a high failure rate, with a notable 2013 McKinsey study finding that 70% fail. That is a lot of wasted time, money and unmet expectations.”
Wednesday, June 27, 2018
Research Practice Director Manu Aggarwal and research analyst Saurabh Verma will be guest speakers during Capgemini’s June 27 webinar: Digital Insurer of the Future.
The webinar will start with a 20-minute introduction by Everest Group on industry trends, the need for digitization of insurance operations, and the role third parties can play in fast-tracking the Digital journey for insurance companies
This webinar will help orgs understand “how to” digitize their front and back-office operations to deliver increased efficiency, faster turnaround time, and enhanced member experience.
Although traditional third-party administrator (TPA) services have been around for quite some time, insurance companies are under increasing pressure to deliver breakthrough innovation in customer experience and a significant reduction in administrative spend through leveraging Digital across their policy administration.
Capgemini has been listening to the market and together with leading analyst firm Everest Group brings you an exciting opportunity to learn how to digitize your insurance operations across your entire core policy administration.
Manu Aggarwal, Research Practice Director, Everest Group
Saurabh Verma, Research Senior Analyst, Everest Group
A high skills gap in AI expertise is impeding adoption and acceleration of AI initiatives and compelling insurers to consider creative tech partnerships
As leading insurers transition toward becoming technology-focused firms, they are encountering a high skills gap in the area of Artificial Intelligence (AI), a significant barrier to their efforts to scale pilot projects and realize the expected value from AI initiatives. Everest Group reports that the majority (53 percent) of insurers are opting to build in-house AI capabilities through hiring, internal training, hackathons, acquisitions and InsurTech partnerships.
Conversely, 47 percent of insurers are turning to IT service providers to address the skills gap and accelerate time to market. Many of these service providers bring AI implementation expertise not only from their work with other insurers but also from their work in other industries that are further ahead on the AI adoption curve. Service providers such as Capgemini, Cognizant, HCL, IBM, Infosys, LTI, TCS and Wipro are building insurance domain-wrappers on top of their existing AI platforms to demonstrate early Proof of Value (POV) and accelerate the time to market for their clients.
“Global insurance executives correctly believe that adopting AI can catalyze the transformation of their business models and help their companies stay competitive in the market,” said Ronak Doshi, practice director with the IT Services research practice at Everest Group. “However, among all technologies being adopted by insurers, the skills gap is the highest for IoT and cognitive and AI-based technologies. So, insurers are exploring creative ways to address the skills gap, not the least of which is partnerships with InsurTechs and service providers who can bring AI expertise to the table.”
Everest Group studied 80 distinct AI-focused investments by global 100 insurers and recently released its findings in the report, “Artificial Intelligence (AI) in Insurance Moving From Pilots to Programs: Insurance IT Services Annual Report 2018.” In this report, Everest Group explores the adoption penetration of AI across the insurance value chain and provides snapshots of nearly 20 successful applications of AI by leading insurers.
***Download a Complimentary Abstract of the Report***
The key business objectives and leading use cases for AI in the insurance industry fall into these three categories:
Insurance firms’ have their largest skill gap in IoT and Cognitive and AI based technologies
Digital leaders in insurance outperform others in all digital maturity dimensions
Digital leaders in insurance focus on 5 key areas: digital strategy, digital talent, process transformation, technology adoption, and innovation.
We cover the insurance industry across sourcing models and geographies, providing a holistic view of industry-specific processes and technologies, as well as functions common to other industries
Our data and analysis of the insurance industry spans all geographies and sub-segments within insurance (e.g., life & pensions, property & casualty, and reinsurance). We analyze both the processes and technologies unique to insurance, as well as include insurance in all services markets that are not unique to insurance, such as contact center, finance & accounting, human resources, applications testing and others
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Our fact-based and easy-to-digest reports on the Insurance BPO markets include processes such as Property & Casualty and Life & Annuities. Access to reports and our analysts is available as an annual membership
Our Insurance IT Services (ITS) research helps insurers understand how they can leverage technology to address their key business priorities at a sub-segment level. The annual membership includes access to reports and our analysts
Whether you are seeking to set up a BFSI delivery center or evaluating your current service delivery footprint of centers, we provide the data and expertise to help you make an informed investment decision
Learning from the experiences and approaches of other organizations can help avoid costly mistakes and uncover new opportunities. Our peer intelligence capabilities help you validate and improve your strategies
The Global In-house Center (GIC) model continues to grow rapidly and is evolving in multiple ways. GICs are playing a broader role (beyond the delivery mandates) in the global sourcing models of their respective organizations, bringing more power and accountability to them
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