Property and Casualty Insurance BPO – Service Provider Landscape with PEAK Matrix™ Assessment 2017

The global P&C insurance BPO market continues to witness double-digit growth rate. This is partly due to adoption of outsourcing by few buyers who kept the operations in-house, and partly due to increase in the volume of work outsourced to service providers. Along with increase in volume of transactional work, inclusion of more complex judgment-intensive tasks such as underwriting, claims adjustment, analytics, risk management, actuarial, and regulatory reporting is witnessing an increased traction.

North America and United Kingdom continue to be the primary geographies for P&C insurance outsourcing, together accounting for nearly 90% of the market by revenue. Other geographies, such as Asia Pacific and Eastern Europe, have witnessed an increase in contractual activity.

While new adopters of outsourcing are primarily seeking cost-reduction and access to technology solutions, existing buyers are demanding value-addition from service providers beyond being a labor-arbitrage enabler. Buyers are expecting assistance in expanding their businesses, reducing time-to-market, getting higher customer mindshare, and building multi-channel capability. Service providers, on the other hand, are strengthening their offerings around judgment-intensive processes, technology-aided BPO delivery, analytics, and automation.

Scope and Methodology

In this research, we analyze the global P&C insurance BPO service provider landscape. We focus on:

  • Relative positioning of 18 service providers on Everest Group’s PEAK Matrix for P&C insurance BPO
  • Service provider market success
  • Service provider capability assessment across key dimensions
  • Comments about service providers

Content

This report examines the global P&C insurance BPO market and its service provider landscape. It provides detailed analysis of the capabilities and market performance of service providers and their relative position on the Everest Group PEAK Matrix and will assist key stakeholders (insurance providers, service providers, and technology providers) understand the current state of the P&C insurance BPO service provider landscape.

  • 2017 P&C insurance BPO PEAK Matrix
    • Leaders: Cognizant, CSC, EXL, Genpact, and WNS
    • Major Contenders: Accenture, Capita, Conduent, HCL, Infosys, Mphasis, Shearwater Health, Sutherland Global Services, and Tata Consultancy Services
    • Aspirants: Capgemini, Intelenet, NIIT Technologies, and Syntel
    • Cognizant, EXL, and Genpact are the “Star Performers” on the P&C insurance BPO Everest Group PEAK Matrix for 2017
  • Market shares of 18 service providers by
    • Revenue
    • Geography (signing region)
    • Buyer segments
    • Number of FTEs
    • Revenue growth for 18 service providers
    • Strengths and areas of improvement for 18 service providers

Everest Group has a complimentary four-page PEAK Matrix preview document for this service provider landscape report.

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