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  • NEW
    State of the Market

    July 02, 2025
    Rapidly aging population, persistent economic volatility, and rising personalization and digital transformation expectations are revolutionizing the North American annuities industry. Amid record-high annuity sales and regulatory momentum, enterprises are investing heavily in modernization, customer engagement, and strategic technology adoption to stay competitive. This report offers a comprehensive view of the evolving annuity market landscape through 2027, grounded in macroeconomic trends, product design shifts, and emerging digital capabilities. We explore how demographic forces such as Peak 65 and increased pension risk transfer activity are driving long-term growth while intensifying the need for innovation and scale. With increasing product complexities, the demand for modular platforms, data integration, AI-driven personalization, and embedded annuity solutions is rising. The convergence of annuities with retirement plans and wealth management platforms is blurring traditional boundaries, ushering in a new era of embedded, outcome-based offerings tailored to diverse personas. This report provides strategic insights into how carriers are modernizing their operations, digitizing distribution, and aligning IT investments with measurable business outcomes. It also highlights how private equity-backed players, advisory channels, and technology providers are reshaping the competitive landscape with flexible platforms and intelligent servicing models.
  • Provider Compendium

    June 27, 2025
    The Banking, Financial Services, and Insurance (BFSI) industry is navigating heightened economic uncertainty, rapid technology innovation, and sophisticated customer demands. In response, enterprises are turning to specialized IT services firms. These providers offer in-depth domain expertise, tailored solutions, and agile, collaborative delivery models and are emerging as viable challengers to traditional, large-scale providers. These specialists address vital capability gaps in cloud transformation, advanced analytics, product engineering, low-/no-code platforms, and AI-driven solutions. They deliver precision and responsiveness that larger providers often lack. Their close client engagements foster strategic partnerships that enhance innovation, optimize operational effectiveness, and accelerate market responsiveness. As competition intensifies and regulations evolve, these providers have become indispensable partners, enabling BFSI firms to sustain a competitive advantage, reduce time-to-market, and enhance customer experiences. In this report, we present detailed profiles of 33 IT service providers as part of the BFSI IT Services Specialists PEAK Matrix® Assessment 2025. Of these, 30 providers are positioned on the BFS assessment and 14 on the insurance assessment. Each profile offers a comprehensive picture of the provider through a snapshot of its operational overview, delivery presence, solutions on offer, investments, and market success.
  • Viewpoint

    June 17, 2025
    Insurers today are navigating growing economic pressures, increasing regulatory complexities, and rapidly evolving customer expectations. In response, they are reimagining their approach to outsourcing by shifting the focus from cost savings to agility, innovation, and strategic alignment. Insurance BPS providers are adapting by embedding AI and machine learning, intelligent automation, and advanced analytics across core processes such as product development, underwriting, claims, and policy servicing. They are also integrating more closely with client ecosystems while adopting outcome-based pricing, risk-sharing arrangements, and workforce reskilling to deliver tangible business impact. This report explores the ongoing transformation of insurance BPS from a transactional support function into a strategic growth driver and digital enabler. It highlights emerging outsourcing opportunities across processes such as new product development and distribution, underwriting, and claims processing. Additionally, it offers a framework for insurers to reassess their sourcing strategies, define evaluation criteria, and build more resilient and future-ready operations through deeper, more collaborative partnerships. Scope Industry: insurance Geographies: global Service: insurance BPS Content This report provides insights into: Strategic decision-making criteria for outsourcing processes traditionally managed in house External factors prompting reevaluation of BPS strategies, including regulatory changes, economic headwinds, and workforce shifts Emerging outsourcing areas across Level 2 insurance value chain processes, including new product development and actuarial services, underwriting, claims processing Opportunities for insurers to align operations with digital innovation, compliance, and customer experience imperatives Providers’ evolving role as transformation enablers through technology integration, domain expertise, and ecosystem partnerships Memberships Insurance Business Process Sourcing and Vendor Management
  • State of the Market

    June 11, 2025
    Life and Annuities (L&A) carriers are navigating a complex landscape shaped by changing demographics, evolving customer expectations, and mounting regulatory and cost pressures. This report presents a comprehensive view of how carriers are responding by investing in product and process innovation, digital modernization, and strategic outsourcing. Key focus areas include group benefits, annuities, and retirement insurance segments, where demand is rising due to workforce trends and interest rate shifts. Carriers are adopting AI and generative AI to improve underwriting, personalize services, and reduce cycle times, while also redesigning benefits to support wellness and workforce retention. The report explores how sourcing strategies are evolving, with carriers favoring flexible engagement models such as BPaaS and platform-based deals. Increased outsourcing to manage closed blocks and support transformation initiatives across group L&A products is driving growth. Regional outlooks emphasize market maturity in North America, regulatory innovation in the UK/EU, and expanding demand in APAC. With technology at the core of customer experience and compliance, carriers are seeking providers that can deliver both domain expertise and next-generation capabilities. Scope Geography: global Industry: L&A insurance Business Process Services (BPS) market Service: BPS Contents The report outlines: Broader L&A insurance market trends and growth segment Enterprise priorities, sourcing strategies, and outsourcing models Group life insurance innovation and convergence with wellness benefits Provider performance and buyer expectations L&A insurance BPS market dynamics, deal characteristics, and regional adoption patterns
  • PEAK Matrix®

    June 05, 2025
    Increasing demand for integrated benefits platforms, rising employer expectations, and a heightened focus on operational efficiency are rapidly transforming the North American Life and Annuity (L&A) insurance industry. As insurers modernize their core legacy systems, cloud-native Policy Administration Systems, AI-driven automation, and low-/no-code development platforms have become essential business transformation enablers. To support evolving workplace benefits models, platform providers are delivering API-driven, SaaS-based ecosystems with embedded compliance, modular integration, and real-time analytics. Simultaneously, the rise of voluntary benefits and supplemental health products is driving insurers and niche insurance providers to introduce differentiated offerings tailored to diverse workforce needs, further intensifying the demand for flexible, configurable solutions. Several providers are also leveraging TPA and hybrid SaaS models to offer seamless claims processing, provider administration, and multi-line support. This report comprehensively assesses 15 leading core technology providers featured on Everest Group’s Group Life Insurance and Benefits Core Technology Products PEAK Matrix® Assessment 2025. Based on our annual RFI process, client feedback, and ongoing market research, it evaluates leading providers’ capabilities in enabling digital-first insurance operations. The assessment focuses on their abilities to deliver scalable cloud architectures, AI-powered solutions, stakeholder experience initiatives, and seamless integration across the insurance technology ecosystem. Scope Industry: L&A insurance Geography: North America Contents In this report, we assess: 15 group life insurance and benefits insurance core technology providers on Everest Group’s Group Life Insurance and Benefits Core Technology Products PEAK Matrix® Assessment 2025: North America Leaders’, Major Contenders’, and Aspirants’ characteristics Providers’ offerings, along with their visions, product capabilities, adoption characteristics across geographies, case studies, partnerships, and investments North America’s group life insurance and benefits core technology provider market’s market size, growth drivers, investment themes, and future outlook Enterprises’ priorities and demand themes

  • May 14, 2025
    The Property and Casualty (P&C) insurance industry stands at a critical juncture due to volatile market forces and rising customer expectations. Heightened competition, increasing catastrophic event frequency, and an urgency to drive digital-first interactions fuel transformation initiatives in claims. Traditional methods that rely heavily on human intervention are prone to inaccuracies, prolonged cycle times, and resource inefficiencies, compelling insurers to explore avenues for faster, more transparent claims experiences. In response, AI-enabled claims management solutions have emerged as a strategic priority. They blend predictive analytics, workflow automation, real-time fraud detection, and advanced integration capabilities, enhancing operational effectiveness and customer satisfaction. Against this backdrop, this assessment highlights how targeted solutions and partnerships are reshaping the claims landscape. These solutions enable carriers to streamline the entire life cycle, from first notice of loss to post-settlement support, and pave the way for resilient, data-driven operating models. In this report, we analyze 17 technology providers as part of the AI-enabled Claims Management Systems for Property and Casualty (P&C) Insurance – Products PEAK Matrix® Assessment 2025. Scope Industry: Insurance Geography: global Contents In this report, we: Assess 17 technology providers Position providers as Leaders, Major Contenders, and Aspirants Compare providers’ key strengths and limitations
  • Viewpoint

    May 12, 2025
    Reinsurers today face mounting pressures – from increasingly severe catastrophes and regulatory demands to legacy systems that impede speed and accuracy. Traditional systems of record and engagement are no longer sufficient, as they merely store and display data without enabling action. Insurance core technology and surround systems often plateau at generating dashboards that still depend on someone to act. Reinsurance enterprises today have no shortage of insights but a scarcity of human and AI agents and a system capable of executing on them. SoA fill this gap by ingesting data, applying AI-driven analytics, and autonomously initiating decisions across the value chain. The report outlines how SoA can fundamentally reshape core reinsurance functions such as catastrophe modeling, underwriting, contract administration, technical accounting, and claims management. By embedding SoA, reinsurers can move from manual, reactive processes to intelligent, real-time operations. Benefits include faster decision-making, reduced costs, improved claims accuracy, and enhanced risk responsiveness. In addition to outlining technology and operational changes, the report emphasizes the strategic role of CIOs and COOs in driving SoA adoption. It urges leadership to align stakeholders around business outcomes, invest in data readiness, manage organizational change, and maintain a focus on measurable value. A future-state reinsurer enabled by SoA is envisioned as agile, intelligent, and resilient; capable of adapting instantly to risk events and market shifts. Everest Group concludes that embracing SoA is no longer optional; it is a strategic imperative for reinsurers looking to lead in an increasingly complex and competitive environment. Scope Industry: reinsurance Geography: global Contents In this report, we discuss: What SoA are Functional transformation through SoA within reinsurance Implementation roadmap for SoA within reinsurance Strategic considerations for CIOs and COOs
  • PEAK Matrix®

    April 09, 2025
    The North American Life and Annuity (L&A) insurance industry is rapidly transforming, driven by evolving customer expectations, rising competitive pressures, and the growing need for operational agility. As insurers look to modernize their core legacy systems, cloud-native Policy Administration Systems (PAS), AI-driven automation, and low-/no-code development platforms are essential to business transformation. As insurers focus on delivering hyper-personalized products, improving risk assessment accuracy, and accelerating time-to-market, platform providers are offering API-driven, SaaS-based solutions with built-in regulatory compliance, third-party integration, and advanced analytics. Many are also adopting hybrid TPA and SaaS models to deliver end-to-end operational support and next-generation servicing capabilities. This report comprehensively assesses 14 leading core technology providers featured on Everest Group’s Individual Life Insurance Core Technology Products PEAK Matrix® Assessment 2025. Based on our annual RFI process, client feedback, and ongoing market research, this report evaluates leading providers’ capabilities in enabling digital-first insurance operations. The assessment focuses on their abilities to deliver scalable cloud architectures, AI-powered solutions, stakeholder experience initiatives, and seamless integration across the insurance technology ecosystem. Scope Industry: L&A insurance Geography: North America Contents In this report, we assess: 14 individual life insurance core technology product/solution providers on Everest Group’s Individual Life Insurance Core Technology Products PEAK Matrix® Assessment 2025: North America Leaders’, Major Contenders’, and Aspirants’ characteristics Providers’ offerings, along with their vision, product capabilities, adoption characteristics across geographies, case studies, partnerships, and investments North America’s individual life insurance core technology/solution provider market’s market size, growth drivers, investment themes, and future outlook Enterprises’ priorities and demand themes
  • PEAK Matrix®

    April 01, 2025
    The Banking, Financial Services, and Insurance (BFSI) industry is navigating heightened economic uncertainty, rapid technology innovation, and sophisticated customer demands. In response, BFSI enterprises are turning to specialized IT services firms. These providers offer in-depth domain expertise, tailored solutions, and agile, collaborative delivery models and are emerging as viable challengers to traditional, large-scale providers. These specialists address vital capability gaps in cloud transformation, advanced analytics, product engineering, low-code/no-code platforms, and AI-driven solutions. They deliver precision and responsiveness that are often lacking in larger providers. Their close client engagements foster strategic partnerships that enhance innovation, optimize operational effectiveness, and accelerate market responsiveness. As competition intensifies and regulations evolve, these providers have become indispensable partners, enabling BFSI firms to sustain a competitive advantage, reduce time-to-market, and enhance customer experiences. In this report, we analyze 33 IT service providers as part of the BFSI IT Services Specialists PEAK Matrix® Assessment 2025. Of these, 30 providers are positioned on the BFS assessment and 14 on the insurance assessment. Scope Industry: insurance and financial services Geography: global Contents In this report, we: Assess 33 IT services specialists Position providers as Leaders, Major Contenders, and Aspirants Compare providers’ key strengths and limitations
  • Provider Compendium

    Feb. 28, 2025
    The global Life and Annuities (L&A) insurance industry is significantly transforming as insurers navigate evolving customer expectations, regulatory pressures, and macroeconomic uncertainties. Legacy systems continue to hinder agility and innovation, posing challenges to operational efficiency. However, there is a growing recognition of the need for digitalization to streamline operations, enhance customer experience, and remain competitive in a rapidly changing market. Given the situation, providers are at the forefront of addressing these challenges, catering to a broad spectrum of L&A insurance needs, spanning product categories such as life, annuities, retirement, and group benefits. They are moving beyond cost-focused outsourcing to value-driven, transformative solutions driven by the growing adoption of BPaaS and Third-party Administrator (TPA) models. Strategic partnerships with InsurTechs, AI advancements, and talent investments are enabling them to deliver more impactful and innovative solutions to the L&A insurance industry. Life and Annuities (L&A) Insurance BPS and Third-Party Administrator (TPA) Service Provider Compendium 2025 provides accurate, comprehensive, and fact-based snapshots of 24 L&A insurance BPS/TPA providers. Each profile offers a comprehensive picture of the provider’s services suite, scale of operations, recent developments and investments, technology solutions, and delivery locations. The report also provides insights on the global L&A insurance BPS/TPA provider landscape. Scope Industry: Life & Annuities (L&A) insurance Geography: Global Contents In this report, we feature 24 L&A insurance BPS/TPA service provider profiles and include: L&A insurance service suite and scale of operations: key leaders, services suite, FTEs, and recent developments and investments L&A insurance client portfolio: major clients and recently announced contracts, along with L&A insurance revenue split by geography and buyer size and FTE split by process and delivery location Global L&A insurance delivery locations: details of key delivery locations worldwide L&A insurance technology solutions/tools: brief descriptions of key technology solutions Membership(s) Insurance Business Process Sourcing and Vendor Management