Insurers have been leveraging Third Party Administration (TPA) providers to service the complete Life and Annuities ( L&A) insurance value chain. TPA providers have traditionally managed policy administration of the run-off blocks that were discontinued by insurers and offloaded to such providers to cut down on capital costs. Today, TPAs manage processes such as claims processing, premium collection, intermediary management, and regulatory support, in addition to policy servicing and reporting. In fact, the insurer-TPA relationship has evolved substantially. In this report, we look at a modern TPA engagement model, which provides value above and beyond existing process coverage. Forward-looking TPA relationships extensively harness internal and external data and have cutting-edge technology solutions with talented personnel at their core to deliver desired capabilities. Modern TPAs are valuable partners for insurers to deliver on demands from millennial customers. Scope Industry: L&A insurance, life insurance, annuities, retirement, pension Geography: global Service: L&A insurance TPA Contents In this study, we: Describe the traditional insurer-TPA partnership model and discuss the shift in TPAs’ leverage across products and processes Understand the evolving TPA engagement model and the attributes of a transformative TPA partner Analyze a forward-looking TPA-insurer partnership through a case study Identify demand themes across different product segments Deep dive into all product lines within L&A insurance to discuss how insurers are leveraging TPAs for each product segment Membership(s) Insurance Business Process Sourcing and Vendor Management

The Property and Casualty (P&C) Insurance BPS market experienced one of its highest growth rates in 2021, as the industry recovered from COVID-19 and volumes reached pre-pandemic levels. Factors such as increased cost pressures for insurance enterprises and the ongoing talent war spurring higher attrition drove market growth. To capitalize on the market opportunities, providers are augmenting their suite of digital levers to provide end-to-end process transformation across the P&C insurance value chain. P&C Insurance BPS – Service Provider Compendium 2022 provides accurate, comprehensive, and fact-based snapshots of 16 P&C insurance service providers. It offers a detailed profile of each P&C insurance service provider, with a comprehensive picture of its services suite, scale of operations, recent developments and investments, technology solutions, delivery locations, and the provider’s position on the Everest Group PEAK Matrix®. Scope Industry: insurance Geography: global Services: This report studies P&C insurance BPS and does not cover horizontal business processes, such as finance and accounting, human resources, procurement, and contact center Contents Each service provider profile provides the following details: P&C insurance services suite and scale of operations: key leaders, services suite, FTEs, and recent developments and investments P&C insurance client portfolio: major clients and recently announced contracts, P&C insurance revenue split by geography and buyer size, and FTE split by process and delivery location Global P&C insurance delivery locations: details of key delivery locations worldwide P&C insurance technology solutions: brief descriptions of key technology solutions Detailed assessment of P&C insurance capabilities: market success, delivery capability, and strengths and limitations Membership(s) Insurance Business Process Sourcing and Vendor Management

With the Property & Casualty (P&C) insurance industry emerging from the global pandemic and volumes reaching pre-COVID-19 levels, the P&C insurance Business Process Service (BPS) market achieved one of its highest growth rates in 2021. Factors such as increasing cost pressures, the ongoing talent war, and higher attrition in the insurance industry assisted this growth. Recognizing an opportunity, providers are focusing on capability enhancements – both technical and digital – to provide new service delivery processes across the value chain. In this research, we assess 24 P&C Insurance BPS providers featured on the P&C Insurance BPS PEAK Matrix®. Each provider profile offers details of the provider’s service focus, key Intellectual Property (IP) / solutions, domain investments, and case studies. Scope In this report, we cover the vertical-specific P&C insurance BPS market. We do not cover horizontal business processes, such as Finance and Accounting (F&A), Human Resources (HR), procurement, and contact center Industry: industry-specific P&C insurance BPS, including personal, commercial, and specialty lines Geography: global The assessment is based on Everest Group’s annual RFI process for the calendar year 2022, interactions with leading P&C Insurance BPS providers, client reference checks, and an ongoing analysis of the P&C Insurance BPS market Contents This report evaluates: The relative positioning of 24 providers on Everest Group’s PEAK Matrix® for P&C Insurance BPS Provider market impact Providers’ vision and capabilities across key dimensions Membership(s) Insurance Business Process Sourcing and Vendor Management

COVID-19 adversely impacted the Life and Pensions (L&P) insurance industry’s operations and business. Considering that it is a heavily regulated industry, transitioning operations to a virtual environment seemed to be a tall order. Insurers’ continued reliance on legacy systems and outdated technologies made the transition to the pandemic-induced virtual environment even more difficult. At the same time, the pandemic made insurers realize the pressing need for digitalization and innovation, while creating efficiencies across operations. Providers are cognizant of these demand themes and are streamlining their go-to-market strategies and capability assets through their platform, digital, data, analytics, location, and talent capabilities. These providers are tapping into opportunities across the spectrum of L&P insurance, ranging from products such as life, annuities, retirement, and group benefits to geographies such as North America, United Kingdom and Ireland (UKI), Continental Europe, and Asia Pacific. Business-Process-as-a-Service (BPaaS) and Third-party Administrator (TPA) models are being firmed up, and providers are shifting their overall focus from erstwhile arbitrage-based BPO to capture more value-additive share of the demand. Interestingly, it is not only closed blocks that are the center of attention this time; new products, greenfield launches, and active blocks are just as pertinent, as L&P insurers try to capture a young customer base that sees greater value in life insurance and retirement planning due to the pandemic’s jolt. Life and Pensions (L&P) Insurance BPS / TPA Service Provider Compendium 2022 provides accurate, comprehensive, and fact-based snapshots of 12 L&P insurance BPS/TPA providers. The study offers a detailed profile of each L&P insurance BPS/TPA provider – with a comprehensive picture of its services suite, scale of operations, recent developments and investments, technology solutions, and delivery locations – and specifies the provider’s position on the Everest Group PEAK Matrix®. The report also provides insights on the global L&P insurance BPS/TPA provider landscape. Scope Industry: L&P insurance Geography: global Contents This report features the profiles of 12 L&P insurance BPS/TPA service providers with multi-process capabilities, along with a relative positioning of 20 L&P insurance BPS/TPA providers on L&P Insurance BPS/TPA PEAK Matrix®. Each service provider profile provides the following details: L&P insurance service suite and scale of operations: key leaders, services suite, FTEs, and recent developments and investments L&P insurance client portfolio: major clients and recently announced contracts, as well as L&P insurance revenue split by geography and buyer size and FTE split by process and delivery location Global L&P insurance delivery locations: details of key delivery locations worldwide L&P insurance technology solutions/tools: brief descriptions of key technology solutions Detailed assessment of L&P insurance capabilities: market success, delivery capability assessment, and remarks on each service provider’s strengths and limitations Membership(s) Insurance Business Process Sourcing and Vendor Management

The pandemic adversely impacted the operations and business of the Life and Pensions (L&P) insurance industry. Considering that it is a heavily regulated industry, transitioning operations to a virtual environment seemed to be a tall order. Insurers’ continued reliance on legacy systems and outdated technologies made this transition even more difficult. At the same time, the pandemic made insurers realize the pressing need for digitalization and innovation, while creating efficiencies across operations. Providers are cognizant of these demand themes and are streamlining their go-to-market strategies and capability assets through their platform, digital, data, analytics, location, and talent capabilities. These providers are tapping into opportunities across the spectrum of L&P insurance, from products such as life, annuities, retirement, and group benefits to geographical markets such as North America, UKI, Continental Europe, and Asia Pacific. Business-Process-as-a-Service (BPaaS) and Third-party Administrator (TPA) models are being firmed up, and providers are shifting their overall focus from erstwhile arbitrage-based BPO to capture more value-additive share of the demand. Interestingly, it is not only closed blocks that are the center of attention this time; new products, greenfield launches, and active blocks are just as pertinent, as L&P insurers try to capture a young customer base that sees greater value in life insurance and retirement planning due to the pandemic’s jolt. In this research, we present detailed assessments of 20 L&P insurance BPS/TPA providers, based on their vision, capabilities, and market impact, and look at their relative positioning on the Everest Group PEAK Matrix® L&P Insurance BPS / TPA Services. Our assessment is based on Everest Group’s annual RFI process that was concluded in H1 2021, interactions with leading L&P insurance BPS/TPA providers, client reference checks, and an ongoing analysis of the L&P insurance BPS/TPA market. Scope Industry: L&P insurance BPS / TPA services Geography: global In this report, we cover vertical-specific L&P insurance BPS / TPA services. We have not covered horizontal business processes, such as Finance and Accounting (F&A), Human Resource (HR), procurement, and contact center Content This report features the profiles of 20 L&P insurance BPS/TPA service providers, each of which includes: Relative positioning of the service provider on Everest Group’s PEAK Matrix® for L&P Insurance BPS / TPA Services Service provider market impact Service provider vision and capability assessment across key dimensions Enterprise sourcing considerations Membership(s) Insurance Business Process Sourcing and Vendor Management

COVID-19 significantly disrupted L&P insurers’ manual and paper-based operations and compelled them to transform their operations. With most businesses starting to return to normalcy in 2021, insurers are accelerating their digital transformation to improve operational resiliency, risk management, customer engagement, and financial strength. To achieve various strategic priorities under this call to action, many insurers are also increasingly turning to an outsourcing ecosystem to institute strategic relationships and co-create for innovation. In this research, we provide a comprehensive picture of the key investment trends in the L&P insurance outsourcing market across various dimensions. The analysis is based on Everest Group’s annual RFI process, interactions with leading L&P insurance Business Process Service (BPS) providers, interactions with buyers, and our ongoing coverage of the L&P insurance and services market. Scope Industry: L&P insurance industry, including life insurance and retirement/pensions solutions offered to both individual and group customers Geography: global Services: L&P insurance BPS Insurer investment examples: only publicly available information has been used to depict investment areas targeted by insurers Contents This report studies trends and discussion themes in the L&P insurance BPS industry under four sections: The impact of COVID-19 on L&P insurance Market adoption trends in L&P insurance BPS Deal characteristics of L&P insurance BPS L&P insurance BPS service provider landscape and client feedback analysis Membership(s) Insurance Business Process Sourcing and Vendor Management