Property and Casualty (P&C) insurers have prioritized risk management, cost control, flexibility, and responsiveness. Many insurers are turning to outsourcing to optimize cost and address transformational needs in the face of challenges such as inflation, supply chain disruptions, and rising catastrophic risks impacting most insurance product lines. P&C carriers are rapidly exploring analytics and AI use cases, prompting providers to increase their investments in technological capabilities to support these insurance enterprises. In this report, we provide a comprehensive overview of the key investment trends in the P&C insurance outsourcing market. Scope Industry: P&C insurance Geography: global Services: P&C insurance BPS The analysis is based on Everest Group’s annual RFI process, interactions with leading P&C insurance BPS providers and buyers, and our ongoing coverage of the P&C insurance and services market Contents In this report, we analyze: Key trends in the P&C insurance industry Adoption trends in the P&C insurance BPS market Characteristics of P&C insurance BPS deals Evolution of BPS relationships Membership(s) Insurance Business Process Sourcing and Vendor Management

During the recession, enterprises increasingly turn to Property and Casualty (P&C) insurance Business Process Services (BPS) providers to address rising operational expenses resulting from increased inflation. This cost surge is attributed to heightened claims expenses and rate adjustments across various P&C products. Cost reduction emerges as the primary driver for outsourcing, accompanied by the pursuit of operational efficiency for improved business outcomes. Moreover, key enterprise leaders are experiencing notable delays in decision-making for transformative projects. Nevertheless, P&C insurance BPS providers actively seek expansion opportunities by enhancing expertise in less commonly outsourced domains such as underwriting, actuarial analysis, and claims processing – areas significantly impacting enterprise expenses. These providers are also introducing transformative initiatives to unlock the full advantages of partnering with BPS providers, enabling efficiency improvements and cost reductions to sustain and enhance growth in a challenging business landscape. The Property and Casualty (P&C) Insurance BPS – Provider Compendium 2023 provides accurate, comprehensive, and fact-based snapshots of 21 P&C insurance BPS 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, and specifies the provider’s position on Everest Group’s PEAK Matrix® framework. The report also provides insights on the global P&C insurance BPS provider landscape. Scope Industry: P&C insurance Geography: global Contents This report features 21 P&C service provider profiles and includes: P&C insurance services suite and scale of operations: key leaders, services suite, FTEs, and recent developments and investments P&C insurance client portfolio: major clients and recently announced contracts, P&C insurance revenue split by geography and buyer size, and FTE split by process and delivery location Global P&C insurance delivery locations: details of key delivery locations worldwide P&C insurance technology solutions: brief descriptions of key technology solutions Detailed assessment of P&C insurance capabilities: market success, delivery capability, and strengths and limitations Membership(s) Insurance Business Process Sourcing and Vendor Management

In 2022, the Life and Annuity (L&A) insurance segment continued to grow steadily, primarily driven by the increased demand for annuity products. However, the economic slowdown and persistent high inflation are likely to impact insurance sales. Insurers are prioritizing cost optimization in response to recessionary pressures while simultaneously investing in technology to enhance operational efficiency. Amid this scenario, insurers are increasingly turning to outsourcing as a popular cost mitigation strategy, providing ample opportunities for providers. These providers are strategically targeting growth areas to secure large deals in the market. In this research, we provide a comprehensive overview of the L&A insurance Business Process Services (BPS) market across various dimensions. The report also provides a detailed analysis of L&A insurers’ key focus areas, strategic investments, BPS adoption trends, and deal value and characteristics. The study will assist key stakeholders, including insurance enterprises, service providers, and technology providers, to understand the current state of the L&A insurance BPS market. Scope Industry: L&A insurance Geography: global Services: L&A insurance BPS The analysis is based on Everest Group’s annual RFI process, interactions with leading L&A insurance business process service providers and buyers, and our ongoing coverage of the L&A insurance and services market Contents In this report, we examine: Key trends in the L&A insurance industry Adoption trends in the L&A insurance BPS market Characteristics of L&A insurance BPS deals Evolution of BPS relationships Membership(s) Insurance Business Process Sourcing and Vendor Management

Insurance enterprises grapple with economic hurdles, supply chain disruptions, reduction in discretionary incomes, demographics, and inflation, globally. At the same time, consumers are opting for personalized insurance, which is driving digital transformation with data and analytics for better customer experiences. Further, enterprises are pursuing efficient operations and tech with AI/ML for legacy data modernization. The industry is prioritizing risk mitigation over risk compensation, demanding resilience to weather economic swings. It is imperative for enterprises to remain vigilant and adapt to changes across market factors such as demographics, digitization, and debt, while also preparing for potential technological disruptions that may come as a surprise. In such a scenario, enterprises must consider outsourcing their business processes as achieving transformation across key processes in the value chain will require identifying efficient ways to improve the operating model at a lower cost over an extended period. In this viewpoint, we provide directional guidance to insurance enterprises on navigating the operations outsourcing landscape and evaluate key elements within it to investigate how they are changing to align with evolving needs of enterprises. Scope Industry: insurance Geography: global Service: insurance BPS Contents In this study, we: Describe key sourcing variables that may impact the operations of insurance enterprises Analyze strategic sourcing imperatives for insurance enterprises Assess difference between various sourcing models and their implication on enterprise priorities List key provider imperatives and offerings in the operations outsourcing market Membership(s) Insurance Business Process Sourcing and Vendor Management

Enterprises have been increasingly turning to P&C insurance BPS providers during the recession to address elevated operating costs resulting from heightened inflation, which has led to increased claims expenses and rate adjustments for various P&C products. Cost reduction has once again become the foremost reason for outsourcing, along with the pursuit of operational efficiency to achieve improved business results. Additionally, there have also been delays in decision making from key enterprise leaders for handing out transformational projects. Nevertheless, P&C insurance BPS providers are actively seeking opportunities for expansion by enhancing their capabilities in less frequently outsourced areas such as underwriting, actuarial analysis, and claims processing, all of which represent substantial cost centers for enterprises. Additionally, they are presenting transformational initiatives to initial adopters of outsourcing who have yet to fully realize the advantages of partnering with BPS providers to boost efficiency and cut costs, enabling them to sustain and improve growth in a challenging environment. In this report, we assess 21 P&C insurance Business Process Services (BPS) providers and position them on Everest Group’s PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants. Each provider profile provides a comprehensive picture of its vision, delivery capabilities, market success, and key strengths and limitations. The report also examines the global P&C insurance BPS market and its provider landscape. The study will assist key stakeholders, such as insurance enterprises, service providers, and technology providers, to understand the current state of the P&C insurance BPS market. In this report, we assess 21 P&C insurance Business Process Services (BPS) providers and position them on Everest Group’s PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants. Each provider profile provides a comprehensive picture of its vision, delivery capabilities, market success, and key strengths and limitations. The report also examines the global P&C insurance BPS market and its provider landscape. The study will assist key stakeholders, such as insurance enterprises, service providers, and technology providers, to understand the current state of the P&C insurance BPS market. Scope Industry: P&C insurance BPS Geography: global In this report, we only cover vertical-specific P&C operations and have omitted horizontal business processes, such as Finance and Accounting (F&A), Human Resources (HR), procurement, and contact center Contents This report features 21 P&C service provider profiles, and includes: Providers’ relative positioning on Everest Group’s PEAK Matrix® for P&C insurance BPS Providers’ market impact Evaluation of providers’ vision and capabilities across key dimensions Membership(s) Insurance Business Process Sourcing and Vendor Management

As the global Life and Annuities (L&A) insurance market rebounds from the pandemic’s impact, it faces a significant new challenge: uncertain macro-economic conditions that are exerting cost pressures on insurance carriers. In this context, insurers are prioritizing cost reduction by limiting discretionary spending to save expenses, while remaining committed to their digital transformation efforts, recognizing the long-term advantages thereof. Given this situation, insurers are anticipating outsourcing to become a favored strategy for mitigating costs. Providers are also enhancing their capabilities to position themselves more effectively for larger contracts, aligning with insurers’ transformative initiatives. As insurers face rising demand for assistance in areas such as actuarial transformation, streamlined underwriting, and new product launches due to evolving customer preferences and legacy issues, providers are proactively investing in these growth areas to distinguish themselves in the market and maintain a competitive edge. Life and Annuities (L&A) Insurance Business Process Services (BPS) / Third Party Administrator (TPA)   Service Provider Compendium 2023 provides accurate, comprehensive, and fact-based snapshots of 23 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, and specifies the provider’s position on Everest Group’s PEAK Matrix® framework. 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 23 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 Detailed assessment of L&A insurance capabilities: market success, delivery capability assessment, and remarks on each provider’s strengths and limitations   Membership(s) Insurance Business Process Sourcing and Vendor Management

The global Life and Annuities (L&A) insurance industry has recovered from the pandemic, but it now faces macroeconomic uncertainties. Going forward, insurers will prioritize cost reduction and may cut back on discretionary spending to save costs. However, they are likely to continue their digital transformation initiatives because of the long-term benefits they offer in terms of process improvements and efficiency gains. Given the situation, insurers are expected to use outsourcing as a popular cost mitigation strategy, which provides ample growth opportunities for providers. In fact, providers are developing end-to-end capabilities to advance themselves for larger deals as insurers pursue more enterprise-wide transformation. Additionally, insurers face challenges such as evolving customer preferences, product innovation, and legacy systems, which increase the demand for support in areas such as actuarial transformation, underwriting streamlining, and new product launch capabilities. Providers are increasingly investing in these growth areas to differentiate themselves in the market and stay ahead of the competition. In this report, we assess 23 L&A insurance Business Process Services (BPS) providers and position them on Everest Group’s PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants. Each provider profile provides a comprehensive picture of its vision, delivery capabilities, market success, and key strengths and limitations. The report also examines the global L&A insurance BPS and Third-party Administrator (TPA) services market and its provider landscape. The study will assist key stakeholders, such as insurance enterprises, service providers, and technology providers, understand the current state of the L&A insurance BPS/TPA market. Scope Industry: L&A insurance BPS/TPA Geography: global In this report, we only cover vertical-specific L&A operations and have omitted horizontal business processes, such as Finance and Accounting (F&A), Human Resources (HR), procurement, and contact center Contents This report features 23 L&A service provider profiles, and includes: Providers’ relative positioning on Everest Group’s PEAK Matrix®; for L&A insurance BPS and TPA Providers’ market impact Evaluation of providers’ vision and capabilities across key dimensions Membership(s) Insurance Business Process Sourcing and Vendor Management

The turbulent global economic environment has raised concerns about rising inflation, COVID-related reconciliations, evolving fiscal and monetary policies across regions, the war in Ukraine, and supply chain hurdles, among other issues. In this scenario, insurers face the risk of rising claim expenses, decreased solvency, changes in reserving patterns, and various operational barriers. To sustain and scale businesses, insurers must modify their underwriting and pricing strategies, improve operational flexibility and resilience, manage product portfolios, and mitigate exposure. In this viewpoint, we provide directional guidance to insurers and Business Process Services (BPS) providers on navigating this period of economic uncertainty. The report also offers an overview of the pressing recessionary variables that may impact the operations of any insurance enterprise/provider and provides recommendations on how to navigate challenges across any of those fronts. Scope Industry: Insurance Geography: global Service: insurance BPS Contents In this study, we: Describe key recessionary variables that may impact the operations of insurance enterprises/providers Analyze the impact and consequences for each line of business on a product-wise basis Assess the implications and outcomes across BPS providers resulting from an economic slowdown List the best practices for developing a sustainable strategy in a turbulent economic scenario Membership(s) Insurance Business Process Sourcing and Vendor Management

The Property and Casualty (P&C) insurance industry is undergoing a major transformation due to evolving customer preferences. This has prompted insurers to embark on digital transformation journeys, recognizing it as the need of the hour. Processes such as claims management and policy servicing are being automated, while underwriting, which was traditionally considered a core process, is also being transformed. Manual underwriting has been associated with issues such as poor customer experience, slow business growth, paper-based documentation, high operational costs, and pricing and risk issues. Digital underwriting applies a technology layer across the quote-to-bind cycle to create an automated future state. The role of underwriters in the future will change drastically, with skills such as risk management, collaboration, and data analytics taking a forefront in hiring decisions. All of this has significant sourcing implications, as insurers adjust to the evolving status quo while keeping their core competencies at hand. In this report, we explore the scope of digital underwriting and how it can help insurers achieve increased speed and efficiency, improved accuracy and risk management, enhanced customer experience, expanded reach, and reduced costs. Scope Industry: commercial lines and P&C insurance Geography: global Service: P&C insurance Contents In this report, we: Define the current challenges in underwriting Explore the applications of digital technology throughout the underwriting value chain Analyze the sourcing implications Outline underwriters’ key skillset Membership(s) Insurance Business Process Sourcing and Vendor Management

During the pandemic, many modernization initiatives were significantly accelerated as insurers realized the inadequacies in their core systems. Changes in customer preferences and insurers’ need to move quickly resulted in significant changes in sourcing strategies as well. To adapt to these changes, Business Process Services (BPS) providers’ digital solutions have helped the speed of delivery, reduce turn-around times, improve accuracy, and upgrade the quality of products. These transformation projects have optimized support functions across the value chain. This, in turn, was beneficial for the insurance BPS market, which experienced double-digit growth last year. This compendium provides accurate, comprehensive, and fact-based snapshots of 10 major Digital Platform and Augmentation Suite (DPAS) in insurance BPS providers. It offers a detailed profile of each DPAS insurance provider, with a comprehensive picture of its services suite, scale of operations, recent developments and investments, technology solutions, delivery locations, and DPAS insurance capabilities. The report also positions each provider on Everest Group’s PEAK Matrix®. Scope Industry: insurance Geography: global Contents This report features 10 DPAS in insurance BPS provider profiles and includes: DPAS insurance services suite and scale of operations: key leaders, services suite, FTEs, and recent developments and investments DPAS insurance client portfolio: major clients and recently announced contracts, DPAS insurance revenue by geography and buyer size, and FTE by process and delivery locations Global DPAS insurance delivery locations: details of key delivery locations worldwide DPAS insurance technology solutions: brief descriptions of key technology solutions Detailed assessment of DPAS insurance capabilities: market success, delivery capabilities, and strengths and limitations Membership(s) Insurance Business Process Sourcing and Vendor Management