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

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

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

The retirement and pension industry is grappling with legacy systems, shifting demographics, regulatory complexities, and gaps between product offerings and participant behaviors. This Viewpoint analyzes how AI-driven solutions can revolutionize retirement planning by personalizing participant experiences, optimizing operations, and addressing persistent industry challenges. AI technologies, including generative AI and advanced large language models (LLMs), hold the potential to significantly enhance participant engagement and streamline operations across the value chain. By automating labor-intensive processes, personalizing investment strategies, and proactively addressing compliance requirements, AI can save the US retirement and pension industry approximately US$16-20 billion in operational costs. This study emphasizes practical approaches and key considerations to effectively and responsibly implement AI, ensuring enhanced transparency, ethicality, and regulatory alignment. Scope Industry: retirement and pension Geography: North America Contents In this Viewpoint, we examine: AI’s potential to close retirement readiness gaps and enhance participant engagement Legacy recordkeeping systems’ modernization through AI and cloud technologies Projected cost savings and efficiency gains from AI implementation across the retirement value chain Business case and RoI considerations for midsize retirement recordkeepers Strategic insights and recommendations for successful AI adoption, including overcoming transparency, bias, compliance, and data security challenges Memberships Insurance Information Technology Sourcing and Vendor Management

The insurance industry is rapidly transforming, driven by technology advances, evolving customer expectations, and regulatory shifts. Life and Annuity (L&A) insurers are increasingly focusing on modernizing legacy systems to enhance operational efficiency and deliver seamless digital experiences. IT providers are vital in this journey, facilitating cloud adoption, automating processes, and eliminating data silos. The industry's focus has shifted from basic digital transformation to elevating customer experience for agents and brokers, emphasizing omnichannel engagement and expanded benefit offerings. Meanwhile, Property and Casualty (P&C) insurers are also embracing digital modernization, with Guidewire and Duck Creek emerging as preferred platforms for core system overhauls. IT providers have developed specialized capabilities for these platforms, enabling complex migrations and aligning solutions with enterprise requirements. Additionally, P&C insurers are leveraging predictive analytics to prevent losses, digitize broker channels, and optimize underwriting processes. Going beyond technical implementations, IT providers are driving advances by developing proprietary tools, collaborating with InsurTechs, and expanding their talent pools. This comprehensive report assesses 39 leading IT providers’ capabilities based on Everest Group’s 2024 Insurance IT Services PEAK Matrix® Assessment, offering insights into their market impact, delivery models, and strategic investments. Scope Geography: global Industry: insurance Services: insurance IT services Contents In this report, we examine: Providers’ key strengths and limitations A general overview of providers’ IT services in the insurance business, such as the scope of services offered and adoption across enterprise segments, lines of business, delivery centers, and geographical spread of clientele Providers’ capabilities to serve/administer L&A core platforms, Duck Creek, and Guidewire Key insurance IT services case studies for insurers An overview of providers’ insurance IT services investments, key solutions, and partnerships Membership(s) Insurance Information Technology Sourcing and Vendor Management

The Everest Group Leading 50™ Life & Annuity (L&A) Insurance Technology Providers report objectively analyzes the leading technology providers serving the L&A insurance, retirements, and pensions industry. The ranking is based on key parameters, including revenue generated from L&A insurance platforms, line-of-business coverage, value chain functions, and global client reach. It also examines recent investments in capability enhancements, product launches, and partnerships across the technology landscape. This report offers valuable insights for L&A insurers looking to identify technology suppliers that excel in high-impact segments such as customer engagement, digital workflow management, underwriting assistance, pension administration, and distribution management. By leveraging this data, insurers can build a shortlist of potential partners tailored to their unique needs. Additionally, the report serves as a tool for technology providers to benchmark their offerings, and for system integration services providers to strengthen industry-specific partnerships, thereby enhancing their value propositions. By highlighting innovations in cloud, data, and analytics, this report provides insights to stay competitive in the evolving L&A insurance technology landscape, making it a crucial resource for providers aiming to adapt to new challenges and capitalize on emerging opportunities. Scope Industry: L&A insurance Geography: global Contents In this report, we examine: Leading 50™ L&A insurance technology providers The research approach and evaluation criteria Providers recognitions in key areas Leading 50™ providers’ global distribution Hyperscaler providers’ role in transforming the L&A insurance industry Leading 50™ providers’ system integrators and partnerships Key insights for L&A insurers Membership(s) Insurance Information Technology Sourcing and Vendor Management

The US retirement industry is globally prominent but has progressed slowly in digitalization due to access limitations, inadequate participant savings , lack of holistic wellness experiences, and a volatile market environment. Legacy systems further complicate matters, causing fragmented data sources, reporting challenges, and inconsistent user experiences. Given these challenges, retirement firms must accelerate their digital transformation to improve participant and sponsor experiences. This paper highlights key areas within the retirement value chain where digital maturity sets leading enterprises apart, driving significant business outcomes. It also analyzes digital maturity across value chain elements and compares different recordkeeping models. In this viewpoint we emphasize that retirement enterprises must modernize their technology landscapes, integrate data and intelligence, and invest in modern architectures to become future-ready digital leaders. We developed a framework to assess the digital maturity of the top 12 US retirement firms across the value chain. Our evaluation focused on their investments in actuarial and regulatory reporting, new business management, recordkeeping, and customer service, and investment management. We also analyzed publicly available investments from the past two years in digital workflows, self-service tools, omnichannel portals, mobile applications, data, cloud readiness, and advisor-focused solutions. Furthermore, the Viewpoint examines third-party technology providers’ role in progressive modernization and how a retirement enterprise can augment them to obtain superior process outcomes. It also highlights the importance of progressive modernization and defines a roadmap for implementation. Scope Industry: retirement and pension Geography: North America Contents In this viewpoint, we: Identify challenges within the US retirement and pension industry Evaluate top US retirement service providers’ digital maturity using a specific framework Identify the differentiators for digitally mature firms Compare various recordkeeping models Emphasize the importance of progressive modernization and define a roadmap for implementation Underline the importance of third-party product ecosystems and provide enterprise use cases that leverage them Membership(s) Insurance Information Technology Sourcing and Vendor Management

The Life and Annuity (L&A) insurance industry is rapidly transforming, driven by technology advances and evolving customer expectations. As insurers face challenges with legacy systems, regulatory changes, and market dynamics, IT service providers become crucial allies in navigating associated complexities. To accelerate digital transformation, L&A insurers need support to create data-driven workflows, deliver seamless digital experiences, and achieve faster time-to-market. Previously, insurers focused on cloud migration projects, process automation, and reducing data silos. The recent economic climate has shifted their priorities toward quick wins and long-term growth. This shift emphasizes business outcomes such as empowered intermediaries, enhanced customer experiences, omnichannel interactions, and expanded voluntary benefits for group life insurance. In response, IT service providers are developing in-house solutions and collaborating with technology providers and InsurTechs worldwide. Further, they are integrating AI and gen AI solutions in their core offerings. This report assesses 24 leading IT service providers featured in the L&A Insurance IT Services PEAK Matrix® Assessment 2024. Based on Everest Group's annual RFI process, client references, and ongoing market analysis, this report evaluates these providers and their capabilities in meeting the L&A insurance industry’s evolving needs. Scope Industry: L&A insurance Geography: global Contents In this report, we: Assess 24 IT service providers on Everest Group’s L&A Insurance IT Services PEAK Matrix® Examine the Leaders’, Major Contenders’, and Aspirants’ characteristics Evaluate the IT service providers’ offerings, along with their vision, product capabilities, adoption characteristics across geographies, case studies, partnerships, and investments Discuss the global L&A IT service market’s market size, growth drivers, investment themes, and future outlook Identify enterprise priorities and demand themes Membership(s) Insurance Information Technology Sourcing and Vendor Management

In 2023, insurance companies improved profitability through rate hikes, better underwriting, higher investment returns, and reduced systemic risk. However, the industry faces a significant challenge: over the past two decades, nominal GDP growth has outpaced premium growth. To address this challenge, insurers must innovate to meet individuals’ personalized needs and position life insurance as a lifestyle product. The COVID-19 pandemic has increased consumer awareness of life insurance, leading to steady growth in the US Life and Annuities (L&A) industry, driven primarily by individual annuities. The traditional L&A model, which relies on third-party distributors such as independent advisors, brokers/dealers, and banks needs to address key growth drivers to capitalize on this trend. In this report, we analyze trends and outlooks in the L&A industry across various lines of business while exploring the emerging era of personalization, where life insurance is evolving into a lifestyle product. We examine how the industry can develop wellness products that integrate wealth management, retirement planning, healthcare, and insurance. We also discuss the role of leveraging third-party tech ecosystems, data platforms, and AI in this transformation. Additionally, we analyze trends in the global retirement and pension industry and the insurance IT services market, providing insights, growth outlook, and implications for providers. Scope Industry: Insurance Geography: global Contents In this report, we Analyze insurance IT services market trends, growth outlook, and global sourcing patterns, highlighting implications for providers Identify opportunities and risks insurers face in a challenging market environment Explore how third-party technology providers, data platforms, and AI contribute to developing holistic life insurance, wealth management, and retirement products Identify the trends in the retirement and pensions markets of North America, Australia, and UK&I, and explore upcoming IT modernization opportunities in these regions Membership(s) Insurance Information Technology Insurance Technology (InsurTech) Sourcing and Vendor Management

In recent years, insurance enterprises have pursued modernization initiatives to enhance the experience for both customers and stakeholders. However, the significant surge in costs and unprecedented underwriting losses in these challenging times have intensified the need for an agile, scalable approach to modernization. Leading insurance organizations seek support to manage the technology environment, address talent shortage, and respond to changing market dynamics. They strive to quickly realize value from existing investments with minimal complexity in integration or application development. Insurers are increasingly relying on low-code technology to rapidly develop applications, integrate systems, and meet time-to-market needs. Low-code solutions offer insurers out-of-the-box integrations with their existing technology stack, enabling rapid value realization from digitization investments and eliminating the need for extensive transformation efforts. In this report, we assess 21 low-code technology providers featured on the Low-code Technology Providers in Insurance – Products PEAK Matrix® Each profile offers a comprehensive picture of the provider’s product capability overview, delivery presence, solutions on offer, investments, partnerships, and market success. The report will help buyers select the right-fit provider for their needs, while providers will be able to benchmark themselves against each other. Scope Industry: insurance Geography:global The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading low-code technology providers, client reference checks, and an ongoing analysis of the low-code solutions market Contents In this report, Everest Group analyzes 21 low-code technology providers’ capabilities to serve insurance enterprises on its proprietary PEAK Matrix® assessment framework. Membership(s) Insurance Information Technology Sourcing and Vendor Management