Showing 14 results
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May 20, 2025Across the BFSI landscape, banks, insurers, and financial institutions are under mounting pressure to reduce costs, enhance customer satisfaction, and remain compliant—all while delivering measurable value in a volatile economic environment. Traditional effort-based service models are quickly becoming outdated as Gen AI and agentic AI drive fundamental transformation across operations. Watch Everest Group experts Ronak Doshi, Partner, Abhimanyu Awasthi, Practice Director, Kriti Gupta, Practice Director, and Sakshi Maurya, Senior Analyst, for a dynamic webinar that explored the emergence of Systems of Action (SoA), a set of intelligent, autonomous platforms integrating data, insights, AI-driven decisions to automatically orchestrate enterprise-wide actions in real time. The discussion unpacked the evolution of traditional systems of record to intelligent systems of action in banking, capital markets, financial crime compliance (FCC), and insurance segments. It also highlighted how SoA builders can combine data activation, decisioning, process orchestration, and execution as the key to unlocking future value in BFSI. As sourcing challenges become more complex, the panel will also delve into how innovation-led, agile partnerships are becoming essential. What questions did the webinar answer for the participants? How will service delivery value measures evolve in the BFSI landscape and beyond? How can systems of action (SOA) builders—encompassing data activation, decisioning, orchestration, and security—be effectively applied within the BFSI sector? In what ways will Gen AI and agentic AI transform processes and reshape the perception of value across IT, tech, ops, and service delivery? What strategies can enterprises, GBS, and providers adopt to effectively articulate and deliver measurable, outcome-driven value? How can stakeholders across IT, tech, ops, and service delivery partner with the broader ecosystem to drive innovation and enhance overall value?
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May 12, 2025Reinsurers 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
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Dec. 31, 2024London insurance market faces an increasingly complex global environment. Known for managing intricate risks through a network of syndicates and brokers, Lloyd’s has insured everything – from traditional property risks to emerging threats such as cyber risks. However, global risks’ interconnected nature demands a more agile and responsive market, especially as rising customer expectations and geopolitical tensions push Lloyd’s to a pivotal moment where innovation is essential. In this viewpoint, we outline London insurance market’s strategic priorities, key segments such as property, casualty, and specialty insurance, blueprint model’s role in driving digital transformation, and outlook for insurance enterprises. Scope Industry: insurance Geography: UK Service: insurance BPS Contents In this study, we examine: Product overview in the London insurance market The digital transformation journey Key services offered, strategic collaborations, and value delivery opportunities for providers Focus areas for 2025 and regulatory landscape Memberships Insurance Business Process Sourcing and Vendor Management
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Sep. 23, 2024AI has evolved from simple rule-based systems to complex ML algorithms that mimic human cognition. Technology advances have enabled AI to excel in natural language processing, computer vision, and autonomous decision-making. Additionally, the rise of gen AI, capable of creating original content such as art, music, and literature, has opened new creative frontiers. AI continues to evolve rapidly, promising greater capabilities and applications across multiple domains. One such area advancing significantly is the Property and Casualty (P&C) insurance operations landscape, which has matured technologically over the past few years, leading to increased adoption of automation, analytics, and cognitive tools. To understand how gen AI can create value for enterprises, Everest Group conducted an enterprise readiness survey among presidents, vice presidents, directors, and C-suite executives of over 20 P&C insurance enterprises in the US and the UK. In this viewpoint, we share key takeaways from the survey, focusing on the need, adoption, and urgency of deploying gen AI solutions across insurance operations, along with the associated risks and challenges. The insights include adoption across processes, operational readiness, data readiness, technology readiness, financial readiness, impact on people and sourcing strategies, analysis of use cases and prioritization framework, risks and barriers, and enterprise roadmap to implementing gen AI Scope Industry: insurance Geography: global Service: insurance bps Contents In this study, we Describe the journey from AI to gen AI Analyze potential challenges in gen AI integration Assess sourcing strategies and enterprises’ readiness to implement gen AI Analyze gen AI use cases and prioritization framework, along with an implementation roadmap Memberships Insurance Business Process Sourcing and Vendor Management
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State of the Market
Property and Casualty (P&C) Insurance State of the Market 2023 – Discovering Expansion Opportunities in a Demanding Economic Environment
Dec. 26, 2023Property 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 -
Provider Compendium
Property and Casualty (P&C) Insurance BPS – Provider Compendium 2023
Dec. 20, 2023During 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 -
Oct. 04, 2023Insurance 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
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Sep. 29, 2023Enterprises 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
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Viewpoint
Navigating Through Turmoil: Growth Opportunities for the Insurance Industry in Times of Recession
May 01, 2023The 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 -
Provider Compendium
Digital Platform and Augmentation Suite (DPAS) in Insurance BPS – Provider Compendium 2023
Jan. 23, 2023During 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