Abstract

This IDC Financial Insights study uses the IDC MarketScape model to present a 2018-2019 assessment of 13 vendor companies servicing the insurance organizations across the globe in their digital transformation (DX) initiatives. This research is a quantitative and qualitative assessment of the characteristics that explain a vendor's ability to enable insurance organizations succeed in DX initiatives and help anticipate its ascendancy. The evaluation is based on a standardized and comprehensive framework and a set of parameters expected to be most conducive to success in providing DX services in the short and long term. General market perception and technology buyers' perception of a vendor's current capabilities as well as its attitude to innovation to help insurance carriers and intermediaries remain sustainable in an extremely challenging marketplace is a key component of this evaluation.

"As insurance organizations undertake a transformation journey to deliver contextual and value-centric products and services in response to changing customer expectations, they need to look for service providers that can help them address their transformation objectives at an organization level. They will benefit from strategic partners that can help transform their omni-experience capabilities, deliver usage and value-oriented offerings, realize frictionless insurance, and build cognitive capabilities to remain sustainable in an age when traditional insurance business models are immensely challenged by market disruptions," said Sabitha Majukumar, senior research analyst, IDC Financial Insights.

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