Artificial Intelligence (AI) technologies have been gaining maturity over the last decade, and, today, AI plays an important role in helping enterprises improve the efficiency of their business processes, enhance customer and employee experience, and even transform their entire business models. Many emerging start-ups offer AI-based solutions to help enterprises achieve these outcomes across different business processes. This report covers start-ups that leverage AI technologies such as Machine Learning (ML), computer vision, Natural Language Processing (NLP), and deep learning to offer enterprise solutions that transform business processes. The study analyzes 100 high-potential AI start-ups to shortlist the top 30 Trailblazers, which are leading the transformation of business processes. The assessment was done based on various parameters related to capabilities, market growth, and investor confidence. Scope The report covers start-ups that leverage AI to transform business processes across the following segments: Industry-specific areas: Banking & capital markets Healthcare & pharma Insurance Manufacturing Retail & e-commerce Horizontal processes: Finance & accounting HR & talent acquisition Procurement Sales & marketing Supply chain management Contents In this research, we study the following topics: Defining AI Key components of AI Growth of AI start-ups Use cases of AI in business processes Assessment of key AI start-ups High-potential AI start-ups Detailed view of AI trailblazers Membership(s) Service Optimization Technologies (SOT) Sourcing and Vendor Management

This Snapshot is available only to Strategic Outsourcing & Vendor Management members. For information on membership, please contact us The global services market is highly dynamic and evolving rapidly, a reality that is reflected in the shift in priorities from cost arbitrage to automation. Third-party vendors are continually assessing their market position and refining their growth strategies. As enterprises explore various sourcing models to uncover additional value, it is imperative to evaluate new technology offerings and different pricing models. Everest Group’s Service Provider Snapshots provide a holistic and integrated view of leading service providers to aid strategic decision making for both service providers and enterprises in this dynamic marketplace. These reports provide a fact-based view of leading service providers across multiple dimensions. Contents: In this research, we analyze leading service providers across the following parameters: Overview: A snapshot of the service provider’s financial performance, industry presence, geographic spread, function focus, and key industry clients Business Process Services (BPS) snapshot: view of the service provider's performance across Everest Group PEAK Matrix® reports in the BPS domain Information Technology Services (ITS) snapshot: view of the service provider's performance across Everest Group PEAK Matrix® reports in the ITS domain Delivery footprint and headcount: graphical representation of the service provider’s delivery presence and headcount across the globe Mergers & Acquisitions (M&A): details of the service provider’s M&A activities in the last year Key public announcements: a summary of important public announcements in the last year Sources: In addition to leveraging our research expertise of over 25 years, the service provider snapshots are based on the following sources of information: PEAK Matrix® reports Proprietary databases Company filings

In 2019, when leading economies were experiencing difficulties – the US involved in a trade war with China and the UK facing uncertainty over Brexit – P&C insurers had not yet felt the burden on their income statements. However, COVID-19 exacerbated the crisis and dented almost all industry segments, including P&C insurers. Worse still, the pandemic was a double whammy for P&C insurers, which derive their top line from not only individual customers, but also commercial enterprises. For P&C insurers, the year preceding the COVID-19 period was marked by rising surplus, reducing claims pressures, and increasing investment income. This led to most of the leading players investing in portfolio expansion, digital-led partnerships / acquisitions / in-house investments, underwriting discipline, and data-led innovation. All these measures were geared toward winning on customer experience. Not surprisingly, insurers’ partnerships with their service providers also pivoted toward the latter’s ability to deliver business outcomes such as increase in customer satisfaction than just cost/inefficiency take-outs. With the extreme shifts in business environment due to COVID-19, both for insurers as well as their service partners, many struggled for even basic operational continuity, at least in the immediate term. While the industry has now largely adjusted to the vagaries of the changed operating environment, these changes appear to be more permanent than expected. The P&C insurance BPS market is expected to transition through significant operating model and engagement structure changes. Thus, it is imperative for service providers to understand the developments in insurers’ sourcing strategies, objectives, and the implications on future sourcing requirements – with a recession looming ahead. Scope and methodology Industry: industry-specific P&C insurance BPS, including personal, commercial, and specialty lines Geography: global Information sources: proprietary database of 400+ P&C insurance BPS contracts (updated annually); coverage of 20+ P&C insurance BP service providers, including Accenture, Atos Syntel, Capita, Cogneesol, Cognizant, Conduent, Covenir, DXC Technology, Exela Technologies, EXL, Genpact, Infosys, Innovation Group, Mphasis, MFX, Patra Corp, ResourcePro, Sutherland, TCS, Xceedance, and WNS Contents This report covers trends and discussion themes in the P&C insurance BPS industry, under four sections: Review of 2019 and COVID-19-related market trends in the P&C insurance industry Market adoption trends in P&C insurance BPS Developments in insurers’ sourcing strategies and expected impact of COVID-19 on the future Key action items for service providers Membership(s)Insurance - Business Process Outsourcing (BPO)

Globally, enterprises – across industries – are struggling to manage their supply chains. Whether it is transparency, traceability, or security, enterprises face multiple issues on all fronts. In fact, the enterprise goal of integrating supply chains is nowhere near completion even after spending billions of dollars on multiple platforms, tools, and solutions. In such a scenario, blockchain has emerged as a key technology that can help enterprises in achieving many of their objectives – data sharing, security, and tracking – to move toward a truly integrated Supply Chain Management (SCM). Given the applicability of blockchain in SCM, many companies, including start-ups, are at the forefront of developing solutions based on blockchain technology. In this research, we present an assessment of start-ups building capabilities in SCM blockchain space, primarily focusing on their capability, growth story, and investor confidence. The sections covered in the report include: Market demand for a blockchain-based solution in supply chain Growth of start-ups offering blockchain-based supply chain solutions Assessment of key blockchain start-ups in supply chain Detailed view (profile) of trailblazers Membership(s) Procurement Outsourcing

Globally, banks continue to face diverse challenges – rising regulatory costs, decreasing revenue, low customer satisfaction, and stiff competition from FinTechs. The industry is witnessing high growth of technology and digital adoption. Buyers now expect providers to go beyond the cost impact and deliver business and strategic impact. As service providers gradually develop holistic capabilities to serve the next-generation buyer demands, they will be equipped to position themselves as able “partners” in the fulfillment of clients’ business and strategic objectives, and this will further lead to growth in the new outsourcing activity. Scope and Methodology Proprietary database of ~600 Banking BPO contracts (updated annually) Coverage of 30 banking BPO service providers including Accenture, Atos Syntel, Avaloq, Capgemini, CGI, Cognizant, Concentrix, Conduent, Conneqt, Datamatics, DXC, Equiniti, Exela, EXL, Firstsource, FIS, Genpact, HCL, IBM, Infosys, Mphasis, NIIT, NTT Data, Sutherland Global Services, TCS, Tech Mahindra, Teleperformance, Virtusa, Wipro, and WNS Content This report provides comprehensive coverage of the global banking BPS market, including detailed analysis of the market size and growth, shifting buyers’ expectations, and other evolving characteristics for this market. It will assist key stakeholders to understand the changing dynamics of the market and identify the upcoming trends. Some of the findings in this report are: The banking BPS market presents a significant opportunity and is poised to grow at a steady pace of 8-12%. The market grew by ~US$400 million in 2018, out of which around 70-80% was contributed by lending and retail banking With the adoption of automation in the cards and payments space increasing rapidly and the subsequent revenue cannibalization, revenue growth for service providers has been rather slow With the focus of buyers now shifting to digital transformation of their operations, more and more buyers will require support from service providers that can bring in the required domain expertise along with the right digital capabilities With a lot of new deals focused on digital and most of these being project-based with a narrow scope (such as automation of specific processes), the average size of new contracts is headed towards a decline While banks are now utilizing the analytical insights generated to track and improve various business outcomes, a lot of analytics engagements are still project-based and RPA leverage in active contracts is on the rise, most of the current deployments are very low in scale With over ~US$900 million worth of contracts coming up for renewal in the next three years, the incumbents need to work hard at guarding this revenue potential and keeping the contracts in their pockets Membership(s) Banking and Financial Services (BFS) - Business Process Outsourcing (BPO)

Healthcare payers have always been sluggish in making sweeping technology changes and this year is no different. However, the digital solutions have provided payers the perfect combination of investments and the associated ROIs. This report discusses some of the digital adoption trends by payers and their leverage of third-party service providers in doing so. In addition to leveraging digital assets, payers are also looking for support in areas beyond the traditionally-outsourced claims-associated processes. From creating meaningful member touchpoints to driving higher quality of care, several initiatives have been taken up by all classes of healthcare payers in the US. This report provides initial adoption trends around some of these services as well as matches payer types to areas of interests. Overall, the key pieces covered in the report include: Growth catalysts helping the ~US$12 billion healthcare payer BPS market sustain a 10-12% CAGR Increasing adoption of digital assets – such as analytics and automation – in BPS deals Payers’ demand is shifting from purely cost reduction to more strategic and value-creation initiatives Shift from claim-centered deals to include other areas such as care management and member engagement Membership(s) Healthcare & Life Sciences Business Process Outsourcing

The wealth management industry has traditionally focused on providing personalized advisory services to High Net Worth (HNW) individuals and institutional investors, through a physical and people-heavy model. Rapidly advancing technology, democratization of assets, and Artificial Intelligence (AI)-enabled automated investment advisory services are creating entirely new ways of serving the wealth management needs of customers and are significantly increasing expectations from firms to improve the quality, speed, and price at which value is delivered. Wealth management firms are collaborating with FinTechs, building in-house innovation capabilities, and adopting digital technologies such as AI, analytics, and more to develop new products, services, robo-advisors, and business models. At the same time, rise in the next-generation of investors (generation X and millennials) is redefining the standards and expectations from wealth management firms by demanding best-in-class customer experience. In this research, we analyze customer-facing digital investments for 21 North American wealth management firms. These firms 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 wealth management firm’s capability maturity and the resultant business outcomes. In this report, we look at: Disruption in the North American wealth management sector Assessment of top 21 North American wealth management firms on Everest Group’s Digital Effectiveness Assessment model Identification of digital wealth management Leaders and their features across all assessment dimensions Snapshot of capability maturity and business outcomes of all North American wealth management firms assessed on the Digital Effectiveness Assessment model SCOPE OF THE ANALYSIS Industry: Wealth management Geography: North America Enterprises: Includes 21 North American wealth management firms, shortlisted based on asset size as well as their focus on wealth management services SOURCES LEVERAGED Only publicly-available information (i.e., information from the consumer’s perspective) has been used for the entire analysis in this report. CONTENTS The detailed report “Digital Effectiveness of Wealth Management Firms in North America – Harnessing the Power of AI and Data Analytics”. Membership(s) Banking & Financial Services (BFS) - IT Services (ITS)

Technology is creating entirely new ways of serving the existing needs of customers and is significantly disrupting the value chain by improving the quality, speed, and price at which value is delivered. Challenger banks (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. At the same time, regulators in Europe are pushing for open banking, thereby increasing API adoption among banks. The increasing competition and the growing adoption of digital channels are forcing traditional banks to adapt to new client processes and reinvent themselves. In this research, we analyze the customer-facing digital investments for 20 European 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: Disruption in the UK and European retail banking sector Assessment of 20 leading European banks on Everest Group’s Digital Effectiveness Assessment model Identification of Digital Banking Leaders and their key differentiators Snapshot of capability maturity and business outcomes of all European banks assessed on the Digital Effectiveness Assessment model SCOPE OF THE ANALYSIS Industry: Retail banking Geography: Europe Enterprises: Includes 20 leading European banks, shortlisted on the basis of asset size as well as their focus on retail banking SOURCES LEVERAGED Only publicly-available information (i.e., information from the consumer’s perspective) has been used for the entire analysis in this report. CONTENTS The detailed report “Digital Effectiveness in Retail Banking | Focus on Banks in the United Kingdom and Europe: Identifying Digital Banking Leaders in the Open Banking Era”. Membership(s) Banking & Financial Services (BFS) - IT Services (ITS)

As the realities of the global business environment change, the Business Process Services (BPS) industry is also under pressure to transform. Buyers are increasingly demanding results beyond cost reduction and operational efficiencies. They want BPS to positively impact their business objectives. Technology has emerged as the catalyst as well as the enabler of this transformation. A wide spectrum of technologies is at play in the BPS market now, and buyers are faced with the decision to evaluate and adopt the right ones. What they should know is that not all technologies have the same impact on the best-in-class BPS outcomes they want to achieve. A number of next-generation technologies have now burst into the market, which have the potential to profoundly impact the foundations of BPS. Other technologies are evolving to stay relevant among the changing realities of the market. The characteristics of these technologies and their impact have to be top considerations, as buyers evaluate their current relationship, or new would-be buyers venture into the world of BPS. In this context, this report provides a detailed view of each service provider’s offerings and capabilities from the lens of technology solutions for BPS. It looks at each service provider’s technology capability along the following dimensions: Company overview Delivery footprint Traditional augmentation, next-generation augmentation, and platform-based solutions capabilities Business function / industry alignment Tenancy and hosting characteristics Solution development mode and technologies developed through recent partnerships A detailed list of technology solutions offered Membership(s) Banking, Financial Services & Insurance (BFSI) - Business Process Outsourcing (BPO) Contact Center Outsourcing Finance & Accounting Outsourcing Human Resources Outsourcing (HRO) Procurement Outsourcing Service Optimization Technologies/a>

The global talent landscape is in the midst of a paradigm shift. Economic, demographic, technological, and individual preference trends are evolving rapidly. The US$2.6 billion Recruitment Process Outsourcing (RPO) market has naturally been strongly impacted by these trends. Enterprises are grappling with new imperatives such as a holistic workforce sourcing strategy comprising permanent & contingent workers, long-term strategic demand management, capability to hire innovative business-critical skills, and adeptness at managing talent that expects to be treated as a customer rather than as traditional employees. Such enterprises are turning to RPO service providers for assistance and, in response, service providers have tried to up their game with investments across multiple elements of their RPO solution. Technology has emerged as a key solution element driving transformation for RPO providers as well as enterprises as they adapt to the new rules of talent acquisition. This viewpoint examines the current technology landscape dominated by Applicant Tracking Systems (ATS), point solutions, and reporting & descriptive analytics. It also describes how technology is evolving into a more impactful avatar and producing next-generation benefits for enterprises through advanced predictive & prescriptive analytics, Robotic Process Automation (RPA), and cognitive intelligence-based technologies. Membership(s) Managed Service Provider Recruitment Process Outsourcing