Geopolitical tensions, global inflation, and interest rate hikes have created uncertainty for insurers, signaling a potential global economic recession. In response, insurance companies are actively seeking ways to navigate these challenges and ensure their survival. Their primary focus is investing in digital transformation initiatives to overcome the overarching obstacles. However, insurance enterprises are also struggling to find and retain talent proficient in emerging technology skills needed for future readiness. The allure of better talent opportunities offered by BigTechs and digital disruptors further exacerbates this challenge. for traditional insurers. Similarly, large global IT services organizations are facing similar talent difficulties. Engaging with IT services specialists has emerged as the most sought-after solution to tackle the talent crisis and mitigate outsourcing risks for insurers. These specialists possess unique expertise and value propositions that can help insurance enterprises drive their digital transformation agenda. In this report, we examine the challenges that the insurance industry faces, evolving sourcing priorities, and the rising demand for IT services specialists. It also provides brief profiles of 61 insurance specialist IT services providers. Scope Industry: insurance Geography: global Contents In this report, we examine: Insurance IT services market overview Insurance IT services specialist providers Profiles of insurance specialist IT services providers – North America Profiles of insurance specialist IT services providers – UK and Europe Membership(s) Insurance Information Technology Sourcing and Vendor Management

The insurance industry is rapidly embracing sustainability, driven by the need to address Environmental, Social, and Governance (ESG) concerns. With the global impact of the COVID-19 pandemic and the escalating effects of climate change, insurance companies are recognizing the importance of integrating sustainable practices into their operations. They are actively incorporating ESG considerations into their risk management, product design, internal operations, long-term strategies, and workforce management. This shift toward sustainability positions these companies as purpose-driven organizations, aligning their core businesses with sustainable practices. By embracing sustainability, insurance firms not only comply with evolving regulatory requirements but also drive innovation, enhance brand reputation, and contribute to a more sustainable and inclusive society. This report explores the emerging sustainable practices within the insurance industry, highlights the challenges that enterprises face along the ESG maturity continuum, examines the projected growth in IT spending on sustainability services by the insurance industry, and explores the role of technology and sustainability ecosystem enablers in helping insurance enterprises drive the sustainability agenda. Scope Industry: insurance Geography: global Contents In this report, we: Highlight the growing importance of sustainable practices in the insurance industry and examine the challenges faced in meeting sustainability goals Review insurance enterprises’ sustainability initiatives Define a three-step framework to understand insurance firms’ sustainability maturity Analyze the sustainability ecosystem enablers for insurance firms, including technology providers, data and analytics providers, service providers, and consulting providers Membership(s) Insurance Information Technology Sourcing and Vendor Management Sustainability Technology and Services

During a time of economic uncertainty, tough macroeconomic conditions, pricing pressures, and the emergence of new competitors, insurers must transform their role from being mere risk insurers to risk guardians, and they must focus intently on core modernization. To achieve this goal, insurers need to drive front-to-back modernization that addresses both growth and efficiency mandates. They must establish a modern core foundation and leverage a core technology partner ecosystem. In this report, we explore the need for core modernization and present a three-pronged agenda for insurers to maximize the value from their core systems. While insurers are investing in the right infrastructure, it is vital for them to select the best-fit core to realize value from their investments. Insurers must take a long-term view of core transformation to guide their broader IT strategies, future-proof their technology estates, and establish scaled data-driven decision-making capabilities. Scope: Industry: insurance Geography: global Contents: In this report, we: Provide a three-pronged agenda for insurers to maximize value from their core systems Discuss enterprise considerations for selecting the right core platform Examine enterprise considerations for selecting the right integration partner Membership (s) Insurance Information Technology Sourcing and Vendor Management

Group life insurers are increasingly looking to modernize their core platforms to address limitations of their legacy core systems and drive transformation to future-proof their IT estates. They are looking for cloud-ready platforms to enable extensive API integrations and support rapid product configurations with out-of-the-box functionalities. Technology providers are responding by developing deep expertise across various product types and demand themes. They are making significant investments to expand their talent pools, build configurable solutions to address key concerns around on-budget and on-time implementations, and help insurers to become digitally enabled. In this research, we assess 15 technology providers featured on the Group Life Policy Administration Systems (PAS) PEAK Matrix® focused on North America. Each provider profile provides a comprehensive picture of its strengths and limitations. The assessment is based on Everest Group’s annual RFI process for year 2022-23, interactions with leading group life PAS technology providers, client reference checks, and an ongoing analysis of the North American insurance technology market. Scope Industry: insurance Geography: North America The assessment covers the entire group life / voluntary benefits / worksite benefits insurance value-chain components (management of benefits, billing, underwriting and rating, membership management, employee and employer portals, reporting and workflow, claims, and provider administration). Technology providers that serve one or more areas were eligible for this research The assessment is based on Everest Group’s annual RFI process for year 2022-23, interactions with leading group life PAS technology providers, client reference checks, and an ongoing analysis of the North American insurance technology market Contents In this report, we: Provide an overview of the group life PAS market, including its size, growth, and drivers Assess 15 leading technology providers of Group Life Policy Administration Systems (PAS) focused on North America List the characteristics of Leaders, Major Contenders, and Aspirants Present Everest Group’s take on the strengths and limitations of each provider Membership(s) Insurance Information Technology Sourcing and Vendor Management

Challenges such as high inflation, high-interest rates, labor market shortages, the rate of technology adoption, and geopolitical issues, are testing the fundamental assumptions of the operating models and benchmarks used by Banking, Financial Services, and Insurance (BFSI) sourcing leaders. As a result, BFSI enterprises are being compelled to redesign their sourcing decision framework, reassess their outsourcing priorities, and rethink strategy across the facets of the facets of work placement, pricing, portfolio design, locations, and supplier selection and governance to achieve maximum value, minimize risk, and build a resilient and sustainable sourcing playbook. While cost considerations dominate the decision criteria, business and operational considerations have started influencing sourcing leaders’ decision making. In this report, we highlight the evolving preferences regarding the scale of outsourcing for different IT service towers, contract duration, trends in engagement and pricing models, provider and location diversification strategies, along with the decision criteria that BFSI enterprises are adopting while selecting their outsourcing partners and signing contracts. Scope Industry: BFSI Geography: global Contents In this report, we: Examine the BFSI IT services market size and growth drivers Evaluate the evolution of BFSI sourcing decision considerations Assess the impact of supplier investments, labor market challenges, and external environment on BFSI sourcing strategy, especially regarding portfolio design Analyze the IT outsourcing supplier landscape Membership(s) Banking Information Technology Insurance Information Technology Sourcing and Vendor Management

InsurTechs play a significant role in enabling insurers to realize untapped value throughout their core operations and drive the triple agenda of growth, efficiency, and customer experience. Insurers are increasingly adopting customized solutions from InsurTechs to address capability gaps, enhance their value propositions, and streamline workflows across the insurance value chain. In this report, we highlight promising trailblazers that offer an enhanced value proposition within specific categories of the insurance value chain. These InsurTechs bring in niche talent, industry expertise, speed, and experience to assist insurers in achieving their key business priorities. Scope  Industry: insurance Geography: global Contents In this report, we: Discuss the role of InsurTechs Explore key business priorities of insurers supported by InsurTechs Introduce a framework to evaluate InsurTechs that meet the insurers’ demands Highlight the trailblazers – segment definitions, assessment, and profiles Membership(s) Insurance Information Technology Sourcing and Vendor Management

Customer expectation for an Amazon-like experience is driving Property and Casualty (P&C) insurers to reevaluate their digital transformation strategies. However, workflow complexities due to multiple intermediaries and legacy systems are resulting in high turnaround time, information leakages, frauds, and, ultimately, a subpar customer experience. To establish a digital-first operating model, insurers initially digitized their sales and distribution operations but soon shifted their focus to low-touch and seamless core operations such as claims management to generate superior efficiency, leverage data and ecosystem insights to identify fraud, and improve the claims ratio by building predictive and preventive capabilities. This compendium provides detailed and fact-based snapshots of 17 digital claims solution providers featured on the Digital Claims in P&C Insurance Solutions PEAK Matrix®. Each profile provides a comprehensive picture of the provider’s strengths and limitations. The compendium will enable providers to benchmark their capabilities against their peers, while buyers will be able to assess the providers based on their sourcing needs. Scope: Industry: insurance Geography: global The assessment is based on Everest Group’s annual RFI process for calendar year(s) 2021-22, interactions with leading digital claims solution providers, client reference checks, and an ongoing analysis of the insurance digital claims market Contents In this report, we: Provide the Digital Claims in Property and Casualty (P&C) Insurance Solutions PEAK Matrix® Assessment 2023 Examine 17 digital claims solution providers’ offerings, along with their vision, product capabilities, adoption across geographies, case studies, partnerships, and investments Discuss client success stories, including the business challenges addressed, services delivered, and impact generated Study the providers’ domain investments, key Intellectual Property (IP) / solutions, and key partnerships Present Everest Group’s perspective on the key strengths and limitations of the 17 digital claims solution providers Membership(s) Insurance Information Technology Sourcing and Vendor Management

Property and Casualty (P&C) insurers are increasingly looking to adopt third-party core platforms to address the limitations of legacy core systems and drive front-to-back-office transformation to future-proof their IT estates. Guidewire has emerged as a preferred core platform for P&C insurers looking for a modern core to power superior front-office experiences. Additionally, Guidewire’s push toward Guidewire cloud, coupled with its continued investments to build supporting data and digital capabilities, is pushing P&C insurers to leverage the broader offerings portfolio and maximize value from existing investments in the core. IT service providers are responding by aligning their investments with Guidewire’s vision and gaining partner-recognized specializations across products and demand geographies. They are making significant investments to expand their Guidewire-certified talent pools, build accelerators/frameworks to address key concerns around on-budget and on-time implementations, and help insurers craft a cloud strategy built around Guidewire. This compendium provides detailed profiles of 24 Guidewire service providers and positions them on Everest Group’s Guidewire Services PEAK Matrix®; Assessment 2023. Each profile provides a comprehensive picture of the provider’s service focus, scale of operations, business performance, recent case studies, key Intellectual Property (IP) / solutions, partnerships, and domain investments. The compendium will enable providers to benchmark their capabilities against their peers, while buyers will be able to assess the providers based on their sourcing needs. Scope Industry: insurance Geography: global The assessment is based on Everest Group’s annual RFI process for the calendar year 2021-22, interactions with leading Guidewire service providers, client reference checks, and an ongoing analysis of the Guidewire services market Contents In this report, we feature 24 Guidewire service provider profiles and include: The Guidewire Services PEAK Matrix® Assessment 2023 Characteristics of Leaders, Major Contenders, and Aspirants Distinguishing features of Star Performers Providers’ Guidewire services business and offerings – vision, business performance update, and extent of adoption of services across geographies Client success stories with respect to delivering Guidewire services, along with business challenges faced, solutions delivered, and impact generated Providers’ key Guidewire-specific investments and Intellectual Property (IP) / solutions Membership(s) Insurance Information Technology Sourcing and Vendor Management

Life and Annuities (L&A) insurers are partnering with providers to improve their digital transformation journeys and meet customer expectations by enabling accelerated underwriting, improved sales and distribution, and faster new products’ launch. Moreover, macro challenges such as rising inflation and demographic and life expectancy changes are compelling carriers to modernize their legacy technology stack and future-proof their businesses to achieve their cost reduction mandates. In recent years, insurance carriers have been leveraging emerging technologies such as RPA, AI/ML, and IoT/wearables to achieve business-oriented outcomes and improve customer and agent experiences. This compendium provides detailed profiles of 21 Application and Digital Services (ADS) providers and positions them on Everest Group’s ADS in L&A Insurance PEAK Matrix® Assessment 2023. The compendium will enable ADS providers to benchmark their capabilities against their peers, while buyers will be able to assess the providers based on their sourcing needs. Scope: Industry: insurance Geography: global Contents In this report, we: Examine 21 ADS providers’ offerings, along with their vision, revenue mix across geographies, key case studies, partnerships, and investments Discuss client success stories and address the business challenges faced, services delivered, and impact generated Study the providers’ domain investments, key Intellectual Property (IP) / solutions, and key partnerships List providers’ key strengths and limitations  Membership(s) Insurance Information Technology Sourcing and Vendor Management

P&C insurers are increasingly looking to adopt third-party core platforms to address the limitations of legacy core systems and drive front-to-back-office transformation to future-proof their IT estates. Guidewire has emerged as a preferred core platform for P&C insurers looking for a modern core to power superior front-office experiences. Additionally, Guidewire’s push toward Guidewire cloud, coupled with its continued investments to build supporting data and digital capabilities, is pushing P&C insurers to leverage the broader offerings portfolio and maximize value from existing investments in the core. IT service providers are responding by aligning their investments with Guidewire’s vision and gaining partner-recognized specializations across products and demand geographies. They are making significant investments to expand their Guidewire-certified talent pools, build accelerators/frameworks to address key concerns around on-budget and on-time implementations, and help insurers craft a cloud strategy built around Guidewire. In this report, we assess 24 Guidewire service providers featured on the Guidewire Services PEAK Matrix®. The study will enable buyers to choose the best-fit provider based on their sourcing considerations, while providers will be able to benchmark their performance against each other. Scope: Industry: insurance Geography: global The assessment is based on Everest Group’s annual RFI process for the calendar year 2021-22, interactions with leading Guidewire service providers, client reference checks, and an ongoing analysis of the Guidewire services market Contents In this report, we: Provide an overview of the Guidewire services market – size, growth, and drivers Assess 24 leading Guidewire service providers on Everest Group’s Services PEAK Matrix® evaluation framework List the characteristics of Leaders, Major Contenders, and Aspirants Present Everest Group’s take on the strengths and limitations of each provider Membership(s) Insurance Information Technology Sourcing and Vendor Management