NEEDHAM, MA, September 23, 2002�TowerGroup’s Insurance service has just published new research on the use of Web services in the insurance industry.

The use of Web services within the financial services industry has received a lot of attention recently, but it should not be regarded as another Web fad or attempt by vendors to repackage existing technology. Web services technology is an emerging information technology mechanism that can provide the communications standards and reusable tools needed to create connections between information system platforms. The technology has the power and capability necessary to enhance an insurance carrier’s e-strategy-and most importantly, to deliver virtually seamless automation of the many components in the insurance process.

In this research, TowerGroup:

  • Explores the benefits of using Web services in the insurance industry and how insurance carriers can move toward an e-enablement strategy.
  • Examines the standards and organizations behind the mechanisms driving Web services technology.
  • Cites examples of how insurers can effectively deploy Web services technology.

About TowerGroup: TowerGroup is the leading provider of research, advisory and consulting services to the global financial services industry, providing thought leadership and advice focused on the intersection of IT and business processes. Our range of services covers each sector of the industry, including banking, securities, capital markets, investment management, and insurance. Helping our clients gain a deeper understanding of the complex and ever-changing environment of financial services, we provide insight into information technology, products, vendors, markets, investment trends and issues. Headquartered in Needham, Massachusetts, near Boston, and with offices in New York and London, TowerGroup serves a global client base, which includes some of the world’s largest financial services, technology and consulting firms.