The rise of consumer orientation toward next-generation digital technologies has changed the role of enterprise IT from a cost center to a new-found revenue center for insurance firms. Digital is needed for survival in this fast-evolving ecosystem. Insurers are adopting digital to improve market share, engage customers, and explore alternate channels for revenue. Digital adoption elicits transformation in the organizational DNA, involving both strategic and operational changes. As the pace of transformation intensifies in a few enterprises, it produces leaders and laggards. The scope of this report deep dives into these organizations, culminating in the Digital Pinnacle Enterprises™ in insurance, a set of enterprises that have outperformed their peers in several dimensions. This report offers a deep look at five key capabilities encompassing 18 key dimensions in which insurers are making investments for digital transformation, and further evaluation of five key dimensions where Digital Pinnacle Enterprises™ in insurance showcase higher maturity compared to other insurers. SCOPE OF THE ANALYSIS Market segment: Digital services Geography: Global Industry: Insurance SOURCES LEVERAGED Everest Group’s survey of 23 insurance enterprises with US$1 billion or more in global revenue Survey was taken by Director, Vice President, and CXO-level executives Expert analyst inputs Previous Everest Group research CONTENT The research focuses on Digital Pinnacle Enterprises™ in insurance and includes: Definition of Digital Pinnacle Enterprises™ in insurance Differentiators of Digital Pinnacle Enterprises™ in insurance Maturity assessment Performance of the insurance enterprises on key dimensions of digital adoption Implications for enterprises and service providers Membership(s) Banking, Financial Services & Insurance (BFSI) - Information Technology Outsourcing (ITO)

Technology disruption, rise of millennials, and competitive marketplace are leading to disintermediation in the value chain and business model of traditional banks. To keep pace with the digital change, banks are aligning with digital-first operating models, adopting cutting-edge technologies, and fostering new digital-savvy culture. Moving to digital innovation requires executing big changes in strategy, operations, and organization, impacting the entire enterprise. As the pace of digital transformation intensifies in a few enterprises, it produces leaders and laggards. Within this context, we have what differentiates Digital Pinnacle Enterprises™ from their peers. To better understand enterprises’ digital strategies, Everest Group conducted a study of 55 banking and capital markets organizations across North America, Europe, the United Kingdom, and Asia Pacific. We identified 18 key dimensions in which enterprises are making investments for digital transformation, and further identified five key dimensions where Digital Pinnacle Enterprises™ in BFS differentiate and reap higher returns than the industry average. We evaluated enterprises on capabilities such as strategy, organization & talent, process transformation, technology adoption, and innovation. This report presents key findings from this digital enterprise study. SCOPE OF THE ANALYSIS Market segment: Digital services Geography: Global Industry: Banking and Financial Services (BFS) SOURCES LEVERAGED Everest Group’s survey of 55 BFS enterprises with US$1 billion or more in global revenue Survey was taken by Director-, Vice President, and CXO-level executives Expert analyst inputs Previous Everest Group research CONTENTS The research focuses on Digital Pinnacle Enterprises™ in BFS and includes: Definition of Digital Pinnacle Enterprises™ in BFS Differentiators of Digital Pinnacle Enterprises™ in BFS Maturity assessment Comparison of Digital Pinnacle Enterprises™ in BFS with other enterprises in the industry Implications Membership(s) Banking, Financial Services & Insurance (BFSI) - Information Technology Outsourcing (ITO)

Disruption in technology is leading to disintermediation in the banking value chain and business model. FinTechs, non-traditional financial service providers, and neo-digital banks are developing new products, services, and business models, impacting front- to back-office functions to compete with traditional banks. The increasing competition and growing adoption of digital channels are forcing traditional banks to adapt to new client processes and reinvent themselves. The industry is expected to witness a sea change, as banks move to a co-creation model to combine, package, and offer products/services from banking and allied businesses by orchestrating customer lifecycle. In such a situation, banks will move away from being perceived as just a physical structure that offers financial services/products to being an ambient fabric connecting people and businesses. In this research, we analyse the customer-facing digital investments for 30 large North American retail banks. These banks have been mapped on Everest Group’s Digital Effectiveness Assessment Model, which is a composite index of a range of distinct metrics related to each bank’s capability maturity and the resultant business outcomes. In this report, we focus on: Future state of banking Assessment of 30 leading North American banks on Everest Group’s Digital Effectiveness Assessment Model Identification of Digital Banking Leaders and key features across all assessment dimensions Snapshot of capability maturity and business outcomes of all North American banks assessed on the Model Scope of the analysis Industry: Retail banking Geography: North America (the United States and Canada) Enterprises: Includes 30 leading North American banks (25 U.S. banks and 5 Canadian Banks), short-listed on the basis of asset size as well as their focus on retail banking Sources leveraged Only publicly-available information (i.e., information from a consumers’ perspective) has been used for the analysis in this report. Contents This report has two parts: • The detailed report “Digital Effectiveness in Retail Banking: Journey of North American Banks to Build SUPER Experiences” An “Executive Summary” which encapsulates the key findings the assessment Membership(s) Banking & Financial Services (BFS) - IT Services (ITS)

Wealth management enterprises are facing challenges such as fee compression, as non-traditional competitors are offering automated investment advisory services. Further, there is an increase in demand for superior digital experience due to factors such as the rise in the proportion of millennials inheriting wealth. Wealth management firms need partners for their digital transformation journey as they look to enhance customer experience as well as provide digital platforms and tools to augment the capabilities and experience of wealth advisors. This is leading to the rise of the hybrid advisory model, which requires a fine balance of human interaction and deployment of intelligent automated investment advisory offerings (robo-advisory tools). Accordingly, service providers have stepped up their investments to deliver a holistic front-to-back digital transformation for wealth management firms. Service providers with third-party digital platforms/products implementation experience, front-office design & experience capabilities, domain & business consulting expertise, a strong partnership & innovation ecosystem, and breadth of solutions/services across digital technologies, are able to demonstrate superior market success and client experience. In this research, we present an assessment and detailed profiles of 18 digital service providers featured on the digital services for wealth management PEAK Matrix. Each service provider profile presents a comprehensive picture of the provider's service focus, key Intellectual Property (IP) / solutions, partnerships/alliances, and other digital & domain-specific investments. The assessment is based on Everest Group’s annual Request for Information (RFI) process for the calendar year 2017, interactions with leading services providers, client reference checks, and analysis of the wealth management digital services market Scope of this report Services: Digital services Geography: Global Subvertical: Wealth management Service providers: 18 leading digital service providers Everest Group has a complimentary five-page PEAK Matrix preview document for this service provider landscape report. Membership(s) Banking, Financial Services & Insurance (BFSI) - Information Technology Outsourcing (ITO)

Competition in the Property and Casualty (P&C) insurance sector is intensifying, as new entrants, evolving customer expectations, technological innovations, and growing popularity of intermediated distribution networks threaten to disrupt established business models. Although the traditional insurance business model has stayed resilient for a long time, digital transformation has certainly evolved from being a futuristic concept to becoming the top priority for senior leadership’s strategic mandate. As the global connected ecosystem evolves, it has become critical for insurers to reimagine their growth strategy and focus on delivering customer value at every touch point. To help insurers embark on their digital transformation journey, IT service providers are pivoting their offerings around next-generation technologies, investing aggressively in their front-office support capabilities, as well as investing in strategic alliances with leading product/platform providers to strengthen their value proposition. As insurers evolve their product development ideology from a “one-size-fits-all” approach to an “on-demand hyper-personalized” approach, service providers that can articulate definite business outcomes on digital spend, ensure predictability, and help buyers evaluate the right-fit product distribution needs, will witness superior success in the sector. In this research, we analyze the digital services capabilities of 21 leading service providers, specific to the global P&C insurance sector. These providers were mapped on the Everest Group PEAK Matrix, which is a composite index of a range of distinct metrics related to each provider’s vision & capability and market impact. In this report, we focus on: Market update for digital services in the P&C insurance sector The landscape of service providers for providing digital services to P&C insurance enterprises Assessment of the service providers on a number of capability-related dimensions Best-in-class examples of engagements that leading service providers have fulfilled for P&C insurers, for multiple digital technology stacks Profiles of all 21 services providers assessed as part of this evaluation Scope of Analysis Market trends and activity in the P&C insurance sector Digital services in P&C insurance PEAK MatrixTM characteristics Vision and capability Market impact Service provider characteristics Everest Group has a complimentary five-page PEAK Matrix preview document for this service provider landscape report. Membership(s) Banking, Financial Services & Insurance (BFSI) - Information Technology Outsourcing (ITO)

As banks gear up to capitalize on the next generation of the digital wave and compete with non-traditional players, they need to align with digital-first operating models, adopt cutting-edge technologies, and foster new digital-savvy culture. To date most banks have been focusing on curating new customer experiences using front-end digital technologies such as mobile, online, and self-servicing, but now they have realized that they are missing on a potentially larger opportunity to open their core to collaborate with other players in the ecosystem and make the back-office more accessible. To keep pace with the digital change, banks are disintermediating their front-, mid-, and back-office functions and taking a transformational path to blur the physical & virtual boundaries, and rotate to digital by establishing peer relationships with FinTechs, technology vendors, and service providers. Accordingly, service providers have stepped up their investments to deliver a holistic front-to-back digital transformation, right from developing digital vision for the bank and mapping customer journey, to moving to open banking architecture. Service providers with products implementation experience, front-office design & experience skills, domain & business consulting expertise, and breadth of solutions across digital technologies are able to demonstrate superior market success and client experience. In this research, we present assessment and detailed profiles of 22 digital service providers featured on the digital services in consumer banking PEAK Matrix™. Each service provider profile presents a comprehensive picture of its service focus, key Intellectual Property (IP) / solutions, partnerships/alliances, and other digital & domain-specific investments. The assessment is based on Everest Group’s annual Request for Information (RFI) process for the calendar year 2017, interactions with leading services providers, client reference checks, and analysis of the consumer banking digital services market. Scope of this report Services: Digital services Geography: Global Subvertical: Consumer banking (includes Business-to-Consumer services) Service providers: 22 leading IT service providers with a focus on digital technologies Everest Group has a complimentary five-page PEAK Matrix preview document for this service provider landscape report. Membership(s) Banking, Financial Services & Insurance (BFSI) - Information Technology Outsourcing (ITO)

Insurers are under immense profitability pressures due to macroeconomic factors, modest premium growths, increase in catastrophic losses, and rise in customer service & technology expenses. The emergence of global connected ecosystems, disruptive business models, sharing economy, and competition from non-traditional players are key drivers of change in the insurance industry. Responding to change drivers, insurers are moving from “insuring loss” to “ensuring protection” for customers. Bundling of insurance is another key trend in the industry, with insurers increasingly becoming invisible to the end-customer. To address these challenges, insurance firms are collaborating with service providers and adopting next-generation technologies such as blockchain, AI, and IoT. In this report, we look at trends in the insurance industry and their implications for application services outsourcing. We focus on: Reimagining the “Insurer of the Future” Implications for buyers and service providers Market trends and activity for large AO relationships in insurance Membership(s) Banking, Financial Services & Insurance (BFSI) - Information Technology Outsourcing (ITO)

Banks and financial institutions in North America, the United Kingdom, and Europe are inundated by regulations introduced in the aftermath of the financial crisis of 2008. Macroeconomic events, such as Brexit and presidential elections in the United States as well as the pace of digital disruption, are paving the way for new regulations, and at the same time leading to new emerging risks. Through the introduction of these regulations, the authorities primarily wanted to prevent another systemic breakdown and financial collapse. The world has moved beyond the 2008 financial crisis and regulators across the world have realized the need to drive innovation and disruption through digital technologies (such as PSD 2 and GDPR). The regulatory compliance space, while complex and overbearing, has been a top priority for senior executives at banks and financial institutions for the last few years, and will continue to be so for the foreseeable future. Through this report, Everest Group explores the different regulations that banks and financial institutions need to comply with, and the key business, technology, and sourcing implications these regulations have. The report also captures the key trends for regulatory compliance-related transactions in banking and capital markets, and regulatory compliance-related investments made by service providers. In this research, we analyze the capabilities of 21 leading AO service providers, with capabilities to serve BFS enterprises in the risk and regulatory compliance space. These providers were mapped on the Everest Group PEAK Matrix, which is a composite index of a range of distinct metrics related to each provider’s capability and market success. In this report, we focus on: Risk and regulatory compliance IT services market trends Assessment of the service providers on a number of capability-related dimensions Characteristics of Leaders, Major Contenders, and Aspirants on the Everest Group banking AO PEAK Matrix™ Scope of this report Industry: Banking (retail banking, commercial banking, credit cards, loans, and mortgages) and capital markets (investment banking, asset management, custody, fund administration, and brokerage); excludes insurance Geography: Global Service providers: Includes 21 leading IT service providers (list given on page 10) Content This report analyzes IT applications outsourcing in the risk & regulatory compliance in BFS, with a focus on large (TCV > US$25 million), annuity-based, multi-year (over three years) relationships: Risk & regulatory compliance IT services market trends in BFS Everest Group PEAK Matrix Risk & regulatory compliance application services in BFS PEAK Matrix characteristics: Domain expertise & innovation Buyer influencers and deterrents Profiles of IT service providers Everest Group has a complimentary five-page PEAK Matrix preview document for this service provider landscape report. Membership(s) Banking, Financial Services & Insurance (BFSI) - Information Technology Outsourcing (ITO)

Regulations, evolving customer demands, and increased competition from FinTechs are pushing Banking and Financial Services enterprises (BFS) to reimagine their business models and develop a strong digital strategy. Further, as BFS enterprises move forward in their journey of digital transformation, they need to develop an ecosystem in which multiple third-party providers offer products and services to customers. Application Programming Interface (APIs) can help solve many of the above challenges that BFS enterprises face. APIs allow businesses to securely share information with third-parties, develop innovative products & services, decouple legacy systems, and provide enhanced customer experience. In this research, we explain the definition and functioning of API and explore the evolving banking API ecosystem. Using Everest Group’s proprietary assessment, we also analyze the state of API adoption and open banking initiatives of 13 leading BFS firms across Europe, the United Kingdom, and the United States. Membership(s) Banking, Financial Services & Insurance (BFSI) - Information Technology Outsourcing (ITO)

The insurance sector is operating in an increasingly challenging macroeconomic and financial environment, characterized by weak global demand, low inflation rates, very low-to-partially negative interest rates, increasing regulatory compliance demands, and bursts of financial market volatility. Pervasiveness of digital technologies, rise of non-traditional competitors, and growing popularity of intermediated distribution networks is challenging the long-established traditional business model of insurers, and is prodding them to innovate in order to respond to the evolving customer demands. With the insurers establishing efficient/agile operations and increasingly adopting digital technology themes, IT service providers are building their portfolio around next-generation technologies, and at the same time investing in strategic alliances with leading product/platform providers to strengthen their value proposition. As insurers evolve their product development ideology from a “one-size-fits-all” approach to an “on-demand hyper-personalized” approach, service providers that can indulge in a more consulting-led problem solving approach and partner with these enterprises on their business transformation journey, will see more success in the marketplace. In this research, we analyze the capabilities of 23 leading AO service providers, specific to the global insurance sector. These providers were mapped on the Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix, which is a composite index of a range of distinct metrics related to each provider’s capability and market success. In this report, we focus on: The landscape of service providers in insurance AO, L&P insurance AO, and P&C insurance AO Assessment of the service providers on a number of capability-related dimensions Characteristics of Leaders, Major Contenders, and Aspirants on the Everest Group insurance AO PEAK Matrix™ “Star Performers” of 2017, providers with the strongest forward movement over time Implications for insurance buyers and service providers Scope of the Analysis Market trends and activity for large AO relationships in insurance firms Insurance AO PEAK Matrix™ characteristics Insurance AO service provider characteristics Content This report analyzes IT applications outsourcing in the global insurance sector with a focus on large (TCV > US$25 million), annuity-based, multi-year (over three years) relationships: Insurance AO trends and its implications for key stakeholders Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix for insurance AO Everest Group PEAK Matrix for life & pensions (L&P) insurance AO Everest Group PEAK Matrix for property & casualty (P&C) insurance AO Star Performers in the 2017 insurance AO PEAK Matrix Insurance AO PEAK Matrix characteristics: Scale Domain expertise and innovation Delivery footprint Market share Profiles of insurance AO service providers Membership(s) Banking, Financial Services & Insurance (BFSI) - Information Technology Outsourcing (ITO)