The insurance industry is burdened with obsolete legacy systems, talent shortage, and resistance to change. 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. To deal with these challenges, insurers’ preference is shifting from “build” to “buy” and they are rapidly adopting third-party enterprise platforms to reduce latency, improve efficiency and straight through processing, drive product innovation, and build a modern core to power superior front-office experiences. In this research, we provide detailed profiles of 20 insurance platform IT service providers that have been featured on Everest Group’s Insurance Platforms IT Services PEAK Matrix® 2021. Scope: Industry: Insurance Geography: global The assessments are based on Everest Group’s annual RFI process for the calendar year 2021, interactions with leading platform IT services providers, client reference checks, and an ongoing analysis of the insurance platforms market Contents: This report examines the following topics: Insurance Platform IT Services PEAK Matrix® Assessment 2021 An overview of the 20 service providers’ insurance platform IT services businesses and offerings – vision, business performance, and extent of adoption of platforms in insurance across geographies Client success stories, including the business challenges addressed, solutions delivered, and impact generated An overview of the providers’ insurance platform IT services domain investments, key Intellectual Property (IP) / solutions, and key partnerships Everest Group’s perspective on the strengths and limitations of the 20 service providers Membership(s) Insurance Information Technology Sourcing and Vendor Management

The insurance industry is burdened with obsolete legacy systems, talent shortage, and resistance to change. In addition, consumer needs, habits, and expectations, which were gradually evolving before COVID-19, have radically shifted during the pandemic, spurred by the demand for compelling online experiences. To deal with these challenges, insurers’ preference is shifting from build to buy, and they are rapidly adopting third-party enterprise platforms to reduce latency, improve efficiency and straight through processing, drive product innovation, and build a modern core to power superior front-office experiences. In this report, Everest Group studies the vision, capability, and market impact of 20 leading IT service providers with respect to their enterprise platforms IT services portfolios 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: Industry: insurance Geography: global Our assessment is based on Everest Group’s annual RFI process for the calendar year 2021, interactions with leading IT service providers, client reference checks, and an ongoing analysis of the insurance platforms market Contents: This report examines the following topics: Insurance platforms market trends and their implications on key stakeholders Insurance platforms IT services market size and growth characteristics Everest Group PEAK Matrix® for insurance platforms IT services Characteristics of Leaders, Major Contenders, and Aspirants Assessment of service providers Membership(s) Insurance Information Technology Sourcing and Vendor Management

The COVID-19 pandemic and the resulting economic fallout have adversely impacted Life and Annuity (L&A) insurance businesses, leading to demand stress, revenue compression, and profitability pressures. The challenges have been compounded by carriers relying heavily on manual operations, a siloed technology landscape with legacy core systems, and the inability to realize value from IT investments due to antiquated systems built on a dated technology stack. Core modernization has, thus, become a strategic mandate for L&A insurers, driving them to invest in a platform-first digital operating model. L&A insurance policy-administration technology providers are looking to tap into this market opportunity by investing in a modern technical architecture enabling extensive API integrations, supporting rapid product configurations with out-of-the-box functionality across L&A products for individual and group insurance lines, and investing in cloud readiness capabilities to transition from pure-play product vendors to software plus services players. In addition, technology providers are enabling digital innovations for their L&A carrier clients by developing a well-rounded partner ecosystem. Scope Industry: insurance Geography: global Contents In this report, we: Study the trends and analyze the L&A insurance policy-administration platform market Provide an overview of L&A insurance policy-administration platform providers’ investment trends Share L&A insurance policy-administration platform profiles, along with a snapshot of their market position and capabilities Considerations for L&A insurance policy-administration platform providers to drive profitable growth in the insurance market Membership (s) Insurance Information Technology Sourcing and Vendor Management

The UK insurance market, the world's largest (re)insurance hub, is poised for radical transformation with the recent release of Lloyd’s Blueprint 2.0, the marketplace’s digitalization program. The transformation has been accelerated by consumer needs, habits, and expectations, which have shifted during the pandemic spurred by the demand for digital experiences. In a bid to capitalize on the new digital economy, UK insurers and brokers are focusing on weaponizing technology to remain cost competitive and drive growth and differentiation. They are looking to accelerate their transformation trajectories through focused investments in data, cloud, platforms, and digital solutions and keep pace with a slew of modernization initiatives in the UK insurance market. This appetite for change and technology disruptions provides technology vendors and IT service providers a unique opportunity to serve the needs of London market participants and drive market transformation. Scope Industry: insurance Geography: UK Contents This report studies: UK insurance market trends and analysis Overview of Lloyd's of London Blueprint 2.0 initiatives and implications for market participants, technology vendors, and IT service providers UK insurance technology vendor and IT service provider landscape and their capability analysis Implications for technology vendors and IT service providers to drive profitable growth in the UK insurance market Membership(s) Insurance Information Technology Sourcing and Vendor Management

The global cyber insurance market is currently valued at nearly US$7 billion-8 billion and is expected to grow at over 20% CAGR over 2020-23 on account of increasing cyberattacks, the growing need for IT compliance and regulations, and substantial financial and non-financial losses. The rapid shift to a remote/work-from-home format has compelled enterprises globally to re-think their cybersecurity strategies, reassess their cyber threat exposures, and develop cyber policy plans that can adequately manage any potential threats. Insurers are experiencing increasing interest in cyber policies from small and midsize enterprises that are presently underinsured and are looking for solutions to shield them from high economic losses in the event of an attack. In this research, we provide a comprehensive view of the global cyber insurance market, its key growth drivers, and challenges. We also forecast how the market will evolve and its implications for both IT service providers and enterprises. Scope Industry: insurance Geography: global Contents: This report examines the following topics: Cyber insurance market dynamics Challenges that cyber insurers and enterprises face Threat from the cloud Regulatory updates Cyber and IT security vendor landscape Future of cyber insurance Membership(s) Insurance 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