Customer Experience (CX) has emerged as a key differentiator for insurers facing rising customer expectations, intensified competition from InsurTechs, and tighter regulatory scrutiny. To build lasting value and loyalty, leading insurers across both Life and Annuities (L&A) and Property and Casualty (P&C) lines are transforming their operations around personalized, empathetic, and seamlessly orchestrated customer journeys. By delivering consistent, emotionally intelligent, and real-time engagement across key touchpoints, such as onboarding, claims, renewals, and servicing, insurers are not only elevating satisfaction but also unlocking greater agility and long-term growth. This report outlines how insurers are embracing intelligent journey design, embedded AI, and digitally enabled BPS partnerships to elevate CX delivery. It details key transformation imperatives including agentic AI, outcome-linked service models, and front-to-back office integration.

Insurers today are navigating growing economic pressures, increasing regulatory complexities, and rapidly evolving customer expectations. In response, they are reimagining their approach to outsourcing by shifting the focus from cost savings to agility, innovation, and strategic alignment. Insurance BPS providers are adapting by embedding AI and machine learning, intelligent automation, and advanced analytics across core processes such as product development, underwriting, claims, and policy servicing. They are also integrating more closely with client ecosystems while adopting outcome-based pricing, risk-sharing arrangements, and workforce reskilling to deliver tangible business impact. This report explores the ongoing transformation of insurance BPS from a transactional support function into a strategic growth driver and digital enabler. It highlights emerging outsourcing opportunities across processes such as new product development and distribution, underwriting, and claims processing. Additionally, it offers a framework for insurers to reassess their sourcing strategies, define evaluation criteria, and build more resilient and future-ready operations through deeper, more collaborative partnerships. Scope Industry: insurance Geographies: global Service: insurance BPS Content This report provides insights into: Strategic decision-making criteria for outsourcing processes traditionally managed in house External factors prompting reevaluation of BPS strategies, including regulatory changes, economic headwinds, and workforce shifts Emerging outsourcing areas across Level 2 insurance value chain processes, including new product development and actuarial services, underwriting, claims processing Opportunities for insurers to align operations with digital innovation, compliance, and customer experience imperatives Providers’ evolving role as transformation enablers through technology integration, domain expertise, and ecosystem partnerships Memberships Insurance Business Process Sourcing and Vendor Management

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

The global Life and Annuities (L&A) insurance industry is significantly transforming as insurers navigate evolving customer expectations, regulatory pressures, and macroeconomic uncertainties. Legacy systems continue to hinder agility and innovation, posing challenges to operational efficiency. However, there is a growing recognition of the need for digitalization to streamline operations, enhance customer experience, and remain competitive in a rapidly changing market. Given the situation, providers are at the forefront of addressing these challenges, catering to a broad spectrum of L&A insurance needs, spanning product categories such as life, annuities, retirement, and group benefits. They are moving beyond cost-focused outsourcing to value-driven, transformative solutions driven by the growing adoption of BPaaS and Third-party Administrator (TPA) models. Strategic partnerships with InsurTechs, AI advancements, and talent investments are enabling them to deliver more impactful and innovative solutions to the L&A insurance industry. Life and Annuities (L&A) Insurance BPS and Third-Party Administrator (TPA) Service Provider Compendium 2025 provides accurate, comprehensive, and fact-based snapshots of 24 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. 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 24 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 Membership(s) Insurance Business Process Sourcing and Vendor Management

The global Life and Annuities (L&A) insurance industry is significantly transforming as insurers navigate evolving customer expectations, regulatory pressures, and macroeconomic uncertainties. Legacy systems continue to hinder agility and innovation, posing challenges to operational efficiency. However, there is a growing recognition of the need for digitalization to streamline operations, enhance customer experience, and remain competitive in a rapidly changing market. Given the situation, providers are at the forefront of addressing these challenges, catering to a broad spectrum of L&A insurance needs, spanning product categories such as life, annuities, retirement, and group benefits. They are moving beyond cost-focused outsourcing to value-driven, transformative solutions driven by the growing adoption of BPaaS and Third-party Administrator (TPA) models. Strategic partnerships with InsurTechs, AI advancements, and talent investments are enabling them to deliver more impactful and innovative solutions to the L&A insurance industry. In this report, we assess 24 L&A insurance Business Process Services (BPS) TPA 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 TPA services market and its provider landscape. The study will help key stakeholders, such as insurance enterprises and service and technology providers, understand the current state of the L&A insurance BPS/TPA market. Scope Industry: L&A insurance BPA/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, HR, procurement, and contact centers Contents This report features 24 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 increasing complexity of risks, hardening standard market conditions, and evolving business needs have positioned Excess and Surplus (E&S) carriers as essential providers of coverage for risks that standard insurers typically reject. Once a niche segment for hard-to-place risks, the E&S insurance market has transformed into a vital component of the insurance industry. It now serves a growing number of companies seeking specialized coverage across a wide range of risks. In the US, the E&S market has significantly grown in recent years and is projected to outperform the standard admitted market over the next few years. This evolution underscores its importance and the increasing reliance of businesses on its tailored solutions. In this viewpoint, we explore the major growth drivers shaping the market and identify key challenges and opportunities for carriers looking to navigate the dynamic E&S insurance landscape. Scope Industry: insurance Geography: global Service: insurance BPS Contents In this report, we examine: E&S market size and growth Challenges and opportunities in the E&S market Key considerations for E&S insurers Role of third-party providers Key implications for providers Memberships Insurance Business Process Sourcing and Vendor Management

Growing cost pressures and increasing loss ratios have driven Property and Casualty (P&C) insurance carriers to enhance their operations to remain competitive. Technology advances and digitally native insurers have increased customer expectations and challenged carriers' financial performances. In response, P&C carriers are strategically leveraging technologies such as automation, analytics, AI, and ML across their value chains. To achieve differentiated RoI, carriers are building in-house capabilities, partnering with InsurTech firms, or outsourcing. In this viewpoint, we offer strategic guidance to P&C insurers on navigating technology adoption and addressing operational challenges. Additionally, the report outlines current technology adoption trends among P&C insurers and a comprehensive framework to effectively leverage technology across the insurance value chain. Scope Industry: insurance Geography: global Service: insurance BPS Contents In this study, we: Examine technology use in P&C insurance operations Analyze the needs driving technology solutions’ adoption Evaluate measures that insurers implement to address operational challenges Assess P&C insurance carriers’ current technology maturity Recommend a use case prioritization roadmap for P&C insurance carriers Membership(s) Insurance Business Process Sourcing and Vendor Management

The insurance intermediary segments (agents, brokers, and managing general agents (MGAs)) across the globe had a strong uptick post the pandemic. This growth is due to the rising consolidation, rates hardening, increasing complexity of insurance products, growing PE capital influx, and accelerating technology adoption. Intermediaries also partner with providers to leverage their domain and technology expertise, partnership ecosystems, and advisory capabilities to improve their operations and customer experiences. In this report, we examine the global insurance intermediary Business Process Services (BPS) market. The report analyzes insurance intermediaries’ strategic and responsive investments, future strategic priorities, BPS adoption trends, deal value, and characteristics. It will assist insurance intermediaries, providers, and technology providers to understand the current intermediary BPS market. Scope Industry: insurance intermediary BPS services Geography: Global This report is based on Everest Group’s annual RFI process, interactions with leading insurance intermediary BPS providers and buyers, and our ongoing coverage of the insurance intermediary BPS market Contents In this report, we: Examine insurance intermediary BPS industry trends Assess buyer outsourcing priorities Membership(s) Insurance Business Process Sourcing and Vendor Management

Amid dynamic shifts in the market, the insurance intermediary sector is transforming significantly. A prominent trend is emerging toward prioritizing digitization and embracing advanced technologies to drive change, particularly given the challenging economic landscape and ongoing market consolidation. Considering the emerging risks associated with climate change and cyber threats, intermediaries are expanding their role beyond traditional risk placement to become strategic advisors. They harness data-driven insights to offer proactive risk management solutions to insurance agents, brokers, and Managing General Agents (MGA)s. To navigate these evolving challenges and opportunities, the insurance intermediary sector is adapting by partnering with providers. This strategic move aims to streamline expenses, gain access to technical expertise, and leverage specialized talent. In response, providers are enhancing their digital capacities, partnering with InsurTech firms, and collaborating with intermediaries through a consultative methodology. This compendium provides accurate, comprehensive, and fact-based snapshots of 15 insurance intermediary Business Process Services (BPS) providers. Each profile offers a detailed overview of the provider’s services suite, scale of operations, recent developments and investments, technology solutions, and delivery locations. Scope Industry: insurance intermediary BPS services Geography: global In this report, we limit our scope to vertical-specific insurance intermediary operations and do not cover horizontal functions such as Finance and Accounting (F&A), HR, procurement, and contact centers Contents This report features 15 insurance intermediary service provider profiles and includes: Insurance intermediary BPS service suite and scale of operations: key leaders, services suite, FTEs, and recent developments and investments Insurance intermediary client portfolio: major clients and recently announced contracts, along with intermediary revenue split by geography and the intermediary type and FTE split by process and delivery location Global insurance intermediary delivery locations: details of key delivery locations worldwide Insurance intermediary technology solutions/tools: brief descriptions of key technology solutions Membership(s) Insurance Business Process Sourcing and Vendor Management

Amid evolving market dynamics, the insurance intermediary sector is transforming significantly. There is a noticeable shift toward prioritizing digitization and adopting advanced technologies to drive change, especially amid the challenging economic landscape and ongoing market consolidation. Additionally, with the emergence of risks associated with climate change and cyber threats, intermediaries are expanding their role beyond traditional risk placement to become strategic advisors. They leverage data-driven insights to offer proactive risk management solutions to clients. As the insurance intermediary segment adapts to this evolving landscape, there is a growing trend of forging partnerships with providers to optimize costs, access technical capabilities, and tap into talent expertise. Concurrently, providers are actively investing in digital capabilities, partnering with InsurTech companies, and enhancing collaboration with intermediaries through a consultative approach. In this report, we assess 15 insurance intermediary Business Process Services (BPS) providers and position them on Everest Group’s PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants. Each profile offers a comprehensive picture of the provider’s vision, delivery capabilities, market success, and key strengths and limitations. The report also examines the global insurance intermediary services market and its provider landscape. The study will assist key stakeholders, such as insurance intermediaries, service providers, and technology providers, to understand the current state of the insurance intermediary BPS market. Scope Industry: insurance intermediary services Geography: global In this report, we only cover vertical-specific insurance intermediary operations and have omitted horizontal business processes, such as Finance and Accounting (F&A), HR, procurement, and contact centers Contents This report features 15 insurance intermediary service provider profiles and includes: Providers’ relative positioning on Everest Group’s PEAK Matrix® for insurance intermediary services Providers’ market impact Evaluation of providers’ vision and capabilities across key dimensions Membership(s) Insurance Business Process Outsourcing Excellence