A new report from Information Services Group states that many US insurers turned to technology to meet changing operational and market demands through the Covid-19 pandemic.
According to the firm, its 2021 ISG Provider Lens Insurance Platform Solutions Report for the US finds the pandemic served as a catalyst for digital transformation efforts in the insurance industry.
It says US insurance carriers that had begun their digital transformation journeys before the pandemic had an advantage over their competitors, including the ability to move their workforces to a remote working model. The report says other carriers have been scrambling to catch up during the pandemic.
Paul Schreiner, ISG partner for the insurance industry, said: “Many insurance carriers that had been lagging behind in technology adoption are now adopting and deploying technologies that will help them remain agile. These tools and technologies will enable them to respond quickly to changing market conditions and will facilitate innovation.”
The report looked at the capabilities of 31 platform providers across two quadrants: Life and Retirement Platforms and Property and Casualty Platforms.
It names DXC Technology and Majesco as Leaders in both quadrants. Accenture, BriteCore, Duck Creek, EIS, EXL, FAST (Verisk), Guidewire, Infosys, Insurity, OneShield, and Vitech were all named Leaders in one quadrant.
In addition, Appian was named a Rising Star—companies with “promising portfolios” and “high future potential,” by ISG’s definition—in two quadrants. EIS and Illumifin were named Rising Stars in one quadrant.