FARMINGTON, CT--(Marketwired - Sep 10, 2013) - Innovation Group today announced the company has been listed as a sample vendor in Gartner's "Hype Cycle for P&C Insurance, 2013" published by Kimberly Harris-Ferrante on August 5, 2013.
The "Hype Cycle for P&C Insurance, 2013" serves as a guide to assist insurers in evaluating emerging technology trends and the impact such trends may have on the property and casualty (P&C) insurance sector. Gartner's Hype Cycle reports are often used by P&C chief information officers (CIOs), chief marketing officers (CMOs), and business executives (including heads of distribution, claims, customer service and underwriting) to determine the maturity and risks associated with emerging and developing technologies, as well as their applicability to P&C insurers.
This Hype Cycle indicates P&C insurers are under pressure internally and externally to transform business models by becoming more operationally efficient, customer-centric, and innovative with product design. Embracing new business models, IT operations and technologies, is essential to this transformation, which begins when processes, products, and channels are aligned to the behavioral demands and the preferences of customers. Further, new technologies must be used to support real-time operational intelligence, underwriting profitability, direct-to-consumer sales/service, interactive customer interaction and core business process evolution (for example, claims transformation or rating).
For 2013, a focus on digitalization, intelligent business operations and customer centricity has foreshadowed operational efficiency. While many companies have corporate mandates to reduce operations and IT costs, there is greater focus today on managing customer relationships, shifting the business model to digitalization (including electronic channels and communications), and leveraging data more effectively to improve customer and organizational insight. As a result, Gartner has seen greater adoption of the technologies associated with these three business priorities and innovation in the vendor market as new solutions are introduced to the P&C insurance industry, and as solutions mature through greater functionality or technical strength.
Some of the areas this year's Hype Cycle focuses on, and in which Innovation Group was listed, include:
- P&C Insurance Policy Administration/Management SaaS is expected to become the dominant deployment and licensing model for policy administration systems during the next 10 years.
- Modular Core Solutions have the potential to provide for faster implementations, better access to data in support of key initiatives such as a single view of the customer or a data warehouse for analytics, and lower long-term maintenance costs.
- Policy Management Modules are stand-alone solutions designed to manage the entire life cycle of an insurance policy, from quoting/rating and policy issuance through renewals and cancellations.
- Claims Management Modules combine claims administration and business process management (BPM) to support every phase of the end-to-end claims process for property and casualty (P&C) insurers, from first notice of loss (FNOL) through settlement and reporting.
- P&C Insurance BPO is the outsourcing of various industry-specific business processes, such as claims handling or policy servicing, to a third-party specialty firm that supplies the staff to support that process and, in many cases, the systems required for processing is the outsourcing of various industry-specific business processes.
- Claims Analytics are increasingly launching claims transformation initiatives for P&C insurers needing greater insight into claims performance to improve claims operations.
- Aerial and Digital Imagery aids in decisioning by underwriters for risk evaluation, and by claims adjusters for investigation.
"We are very pleased to be noted once again in this year's P&C Insurance Hype Cycle report," said Andy Roberts, Group CEO, Innovation Group. "The insurance industry is facing relentless change that challenges traditional assumptions and business models. We believe our expanding representation in reports such as this one recognizes Innovation Group's quality, insurance-specific software and services platform that enables P&C insurers to respond effectively to these changes, ensuring they are future-ready."
Uniquely, Innovation Insurer, Innovation Group's best-of-breed suite for P&C insurance, can be delivered via on-premise, hosted, BPO, Software-as-a-Service (SaaS), Cloud or Business Process-as-a-Service (BPaaS) which integrates with the company's business process services and extensive repair network for auto and property. Innovation Group's software and business process services have received numerous awards including Celent XCelent recognition for Insurer Policy; RAVE awards for Insurer Claims and Innovation Auto; Novarica ACE Rankings for Insurer Claims and Innovation Auto; VIP awards for BPaaS implementation of Innovation Insurer, Insurer Claims, Insurer Analytics and Insurer Conversion; and Celent Model Insurer for Insurer Policy, Insurer Claims and Insurer Analytics.
About the Hype Cycle:
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
About The Innovation Group plc:
The Innovation Group plc (
Contact Information:
Contact:
Innovation Group
Jennifer Overhulse
St. Nick Media Services
+1 859-803-6597
jen@stnickmedia.com