August 11, 2011: Hype cycle is a special research report published by Gartner which helps various service and solution providers to analyze the business benefit and scope for growth by the introduction of new innovation and technologies is the business. Hype Cycle special research report is updated every year to evaluate the performance of the innovative technologies implemented. In this report Gartner provides a clear picture on the implementation and utilization of the innovative technologies for the property and casualty (P&C) insurers.
According to the report the property and casualty (P&C) industry is in a threat phase with high competition and shifting consumer behavior. Number of Service providers in the information technology and business process outsourcing sector which are specialized into P&C insurance is increasing. Incorporating electronic media and innovative technologies are the latest strategies included by the business service providers.
One of the vendors who got mentioned in this report was Innovation Group. The company has been ranked higher as it has implemented some most innovative technology solutions and services to up lift P&C business.
Innovation Group has been listed in the Gartner research report in certain domains which makes the company stand ahead in the crowded Business Process Outsourcing (BPO) sector with immense P&C insurance service providers.
The company is a leader, when it comes to outsourcing of some of business processes like handling claims. They also focus on policy management modules, according to which the policy is entirely managed by the service provider. The report also confirms that Innovation Group is doing well in services such as claim analytics (a process of implementing business intelligence to manage and analyze claims) and claims management solutions. The claims management solutions deal with every thing from claim payment to claim settlement. Gartner also finds that P&C insurance service provider is very efficient in modifying processes according to the changing business requirements of the insurers.
As far as property insurance is concern, Innovation Group provides insures with the service of Aerial and Digital Imagery which facilitate the insurers with 3D and digital images of the properties. This also helps the users to estimate the size and risk factors indulged in the properties.
Gartner has enough reasons for listing the company in 2011 Hype Cycle for Properties and Casualty (P&C) insurance as Innovation Group is well equipped with the latest innovations and business intelligence to enhance the service in the Business Process Outsourcing (BPO) sector.