Technology vendors emerged as true strategic partners to enterprises during COVID-19 in terms of helping them navigate the pandemic’s impact. These partnerships increased overall satisfaction levels by 21% in 2019 and 2020, versus a drop in satisfaction levels by 5% in 2018 and 2019, particularly due to a sudden shift in enterprise expectations in terms of adopting a digital-first working model and technology vendors’ investments in enhancing their cloud, digital, and data offerings. The findings in this report are based on insights from 523 structured interviews with enterprises that were suggested as references by the 68 global technology vendors assessed in this report. The study summarizes various enterprises’ views on their technology vendors’ capabilities across applications, digital, cloud and infrastructure, and enterprise platform services. The report also captures quantitative and qualitative insights across enterprises’ digital agendas and their perception of technology vendors. Scope All industries and geographies Contents In this report, we share: Enterprises’ business and technology priorities Enterprises’ satisfaction levels across years, geographies, and industries Enterprise perceptions of individual technology vendors Enterprise expectations from technology vendors Change in enterprises’ satisfaction levels vis-à-vis individual technology vendors Membership(s) Application Services Banking Information Technology Cloud and Infrastructure Services Digital Services Enterprise Platform Services (EPS) Healthcare Payer and Provider Information Technology Insurance Information Technology Life Sciences Information Technology Sourcing and Vendor Management

The coronavirus pandemic and the resulting economic fallout have adversely impacted insurance businesses, leading to demand stress, revenue compression, and profitability pressure. In addition, consumer needs, habits, and expectations, which were gradually evolving pre-COVID-19, have radically shifted during the pandemic, spurred by the demand for compelling online experiences. While the announcement of COVID-19 vaccine and a potential return to normalcy have lifted the industry sentiments, uncertainty still prevails, and challenges loom large as the industry recovers from recessionary conditions. Insurers are focusing on accelerating the recovery from the pandemic, while simultaneously focusing on growth and differentiation, in a bid to address the industry stress factors they are facing. Reevaluating key levers of their IT operating model, such as sourcing activity, sourcing location strategies, vendor portfolios, and operational agility, is proving to be the key to executing cost transformation and resiliency for insurance businesses. Added to this, creating pathways for competitive advantage through hyper-focus on data, cloud, platforms, digital solutions, and talent will be essential to enable business model innovation and drive market share gains. Insurers are, therefore, looking to double down on cost and experience transformation simultaneously, to set themselves up for future success. In this report, to identify Pinnacle performance in talent management in the GICs, Everest Group examined five key capability areas: talent strategy, talent acquisition, talent development, performance management & employee value proposition, and technology; and three key types of outcomes: cost, operational, and strategic by studying talent journeys of 43 GICs that participated in the study. Scope In this report we cover: Strategies adopted by insurance enterprises to counter the existing industry stress factors Implications for insurers to accelerate recovery from the pandemic and execute cost and efficiency transformation Technology considerations to execute growth and differentiation for insurers and drive future success Membership(s) Insurance Information Technology Sourcing and Vendor Management

Life and Annuities (L&A) insurers are facing twin pressures – profitability pressures due to an interest rate decline globally and increasing legacy technology costs due to outdated core systems and a legacy technology backbone. This has accelerated the need to adopt modern core systems, increase the reliance on analytics and newer technologies to take costs out rapidly, make new products faster, and sell more using the data already generated, as well as deal with increasing compliance mandates. To address these needs, insurers are adopting a more cloud-native core system, increasing automation in their operations to provide superior policyholder and agent experience, and reducing their time-to-market for newer insurance products. In this compendium, we provide detailed profiles of 21 leading IT application and digital services providers featured on the Application and Digital Services in Life and Annuities Insurance PEAK Matrix® Assessment 2021. Each profile provides a comprehensive picture of the provider’s service focus, scale of operations, business performance, recent case studies, key Intellectual Property (IP) / solutions, and domain investments. The analysis is based on Everest Group’s RFI process, interactions with leading IT application and digital services providers, client reference checks, and an ongoing analysis of the L&A insurance application and digital services market. Scope In this compendium, we evaluate the following IT application and digital services providers in L&A insurance: Accenture, Atos, Capgemini, Coforge, Cognizant, Damco Solutions, DXC Technology, HCL Technologies, IBM, Infosys, LTI, Mindtree, Mphasis, NTT DATA, RapidValue Solutions, TCS, Tech Mahindra, ValueMomentum, Virtusa, Wipro, and Zensar Technologies. Contents This report provides: An overview of L&A insurance service providers’ insurance application and digital services business and offerings, including vision, business performance, and services and geography focus Client success stories, including business challenges, solutions delivered, and impact generated An overview of the provider’s domain investments, key Intellectual Property (IP) / solutions, and partnerships related to L&A insurance application and digital services A detailed assessment of the service provider’s strengths and areas of improvement Membership(s) Insurance Information Technology Sourcing and Vendor Management

Core modernization is becoming a strategic mandate for L&A insurers, to enable transformation on the back of uncertainties induced by the pandemic and market stresses. L&A insurers are adopting a platforms-based approach to core modernization, by breaking free from the limitations of legacy core and driving improved operational efficiency, agility, scalability, and front-to-back experiences. The L&A insurance core platform software vendors are responding to these demand themes by developing solutions to enable insurers to support the entire life insurance value chain. In addition, the industry software vendors are investing in building cloud readiness capabilities and modern microservices-enabled architecture, which enables rapid integrations and easy configurability, to help L&A insurers develop a digital foundation with the end-goal of becoming more agile, efficient, and customer centric. In this report, we analyze the L&A insurance core platform software transactions activity, market size, growth drivers, state of platform adoption across various market segments, and implications for L&A insurance carriers and platform vendors. Scope State of core platform adoption in L&A insurance market Marquee deals signed by platform vendors Implications for L&A insurance carriers and platform vendors Membership(s) Insurance Information Technology Sourcing and Vendor Management

The rise of the sharing economy, rapidly evolving customer demands, the changing nature of risks, and significant COVID-19-caused shifts in the business environment have prompted carriers to institute new business models by enabling products, services, pricing, and channel innovation. To support insurers in their business model innovation journeys, IT service providers are adopting a business-first lens to operating model transformation, demonstrating rapid prototyping capabilities, showcasing high levels of strategic thinking and innovation credentials, and showing the willingness to engage via flexible commercial constructs to fund transformation programs. In this report, we provide detailed profiles of 16 leading IT service providers featured on Everest Group’s PEAK Matrix® for Insurance Business Model Innovation Enablement Services. Each profile provides information on the service provider’s top investments to enable business model innovation, the vision for enabling new business model innovation for insurance clients, and key success stories. Scope This research studies the following IT service providers associated with insurance business model innovation enablement services: Birlasoft, Capgemini, Coforge, Cognizant, DXC Technology, HCL Technologies, LTI, Mindtree, Mphasis, RapidValue, TCS, Tech Mahindra, Trianz, Virtusa, Wipro, and Zensar Technologies. Contents In this report, we share: A snapshot of the Insurance Business Model Innovation Enablement Services PEAK Matrix® Assessment 2021 An overview of the service providers’ top investments to enable the insurers’ business model innovation journeys Service providers’ vision for enabling new business model innovation for insurance clients Providers’ key success stories Everest Group’s perspective on the strengths and areas of improvement for the 16 service providers Membership(s) Insurance Information Technology Sourcing and Vendor Management

Life and Annuities (L&A) insurers are facing twin pressures – profitability pressures due to interest rate decline globally and increasing legacy technology costs due to outdated core systems and a legacy technology backbone. This has accelerated the need to adopt modern core systems, increase the reliance on analytics and newer technologies to take costs out rapidly, make new products faster and sell more using the data already generated, as well as deal with the regulatory pressure of increasing compliance mandates. To address these needs, insurers are adopting a more cloud-native core system, increasing automation in their operations to provide superior policyholder and agent experience, and focusing on reducing their time-to-market for newer insurance products. In this report, Everest Group studies the vision, capabilities, and market impact of 21 leading service providers with respect to their IT application and digital services portfolios in the global L&A insurance sector. The service providers were positioned on Everest Group’s proprietary PEAK Matrix® to identify Leaders, Major Contenders, Aspirants, and Star Performers. Scope Market trends and activity in application and digital services in L&A insurance L&A insurance application and digital services PEAK Matrix characteristics Service provider characteristics Contents In this report, we focus on: Assessment of service providers on several capability-related dimensions related to application and digital services for L&A insurers Key market trends and their implications for key stakeholders Everest Group L&A Insurance Application and Digital Services PEAK Matrix 2021 Characteristics of Leaders, Major Contenders, and Aspirants on the Everest Group L&A insurance application and digital services PEAK Matrix Star Performers on the L&A Insurance Application and Digital Services PEAK Matrix 2021 Profiles of service providers Membership Insurance - IT Services (ITS) Sourcing and Vendor Management

The rise of the sharing economy, rapidly evolving customer demands, the changing nature of risks, and significant COVID-19-caused shifts in the business environment have prompted carriers to institute new business models by enabling products, services, pricing, and channel innovation. To support insurers in their business model innovation journeys, IT service providers are adopting a business-first lens to operating model transformation, demonstrating rapid prototyping capabilities, showcasing high levels of strategic thinking and innovation credentials, and showing willingness to engage via flexible commercial constructs to fund transformation programs. In this report, Everest Group studied the vision, capability, and market impact of 16 leading IT service providers with respect to their business model innovation enablement services portfolio in the insurance sector. The service providers were positioned on Everest Group’s proprietary PEAK Matrix® and categorized into Leaders, Major Contenders, and Aspirants. Scope This research covers the following IT service providers associated with insurance business model innovation enablement services: Birlasoft, Capgemini, Coforge, Cognizant, DXC Technology, HCL Technologies, LTI, Mindtree, Mphasis, RapidValue, TCS, Tech Mahindra, Trianz, Virtusa, Wipro, and Zensar Technologies. Contents In this report, we focus on: Assessment of service providers on several capability-related dimensions related to insurance business model innovation enablement services Key market trends and their implications for key stakeholders Everest Group PEAK Matrix for insurance business model innovation enablement services Characteristics of Leaders, Major Contenders, and Aspirants Profiles of service providers Membership Insurance - IT Services (ITS) Sourcing and Vendor Management