INTRODUCTION In 2014, banks continued to face challenges of cost reduction, regulatory compliance, legacy modernization, and increasing customer expectations. As a result, banks are required to evolve across the value chain and are focusing on efficiency (run the bank), compliance (manage the bank), and transformation (change the bank). As banks embrace transformation through digital channels, they are demanding strategic partnerships from their service providers to bring in the best practices and innovation to their engagements. Disruption from non-traditional players has made banks rely heavily on their technology partners to generate more value from investments in new delivery methodologies, automation, and next generation technologies. At the same time, the service provider landscape is transforming rapidly with the rise of the challengers, who are displacing large scale incumbents through risk-linked pricing models, innovation in the next generation technologies, investments in building proprietary solutions, and adoption of new production and delivery methodologies. In this research, we analyze the service provider landscape for large, multi-year application outsourcing relationships in the global banking sector. We had assessed 30 banking AO service providers for their capabilities in providing these services globally. These providers were mapped on the Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix, which is a composite index of a range of distinct metrics related to each provider’s capability and market success. In this report, we present detailed profiles of 30 service providers featured on the global banking AO PEAK MatrixTM. Each service provider profile provides a comprehensive picture of their banking AO service suite, scale of operations, domain investments, publicly-announced transactions, and delivery locations. SCOPE This report includes detailed profiles of the following 30 service providers: Banking AO PEAK Matrix Leaders: Accenture, Cognizant, HCL Technologies, IBM, Infosys, TCS, and Wipro Banking AO PEAK Matrix Major Contenders: Capgemini, CGI, CSC, Dell Services, Genpact, HPES, IGATE, ITC Infotech, L&T Infotech, Luxoft, Mindtree, MphasiS, Polaris, Softtek, Syntel, Tech Mahindra, Unisys, and Virtusa Banking AO PEAK Matrix Aspirants: Attra Infotech, Birlasoft, Endava, EPAM, and Hexaware CONTENTS Each profile covers the following aspects for each featured service provider: General overview of the provider’s business, services, clients, and financials Highlights of the provider’s assessment across the PEAK Matrix dimensions – scale, scope, domain investments, delivery footprint, buyer satisfaction, and market success The provider’s banking AO-related domain investments, including proprietary solutions, acquisitions, alliances, and partnerships Publicly-announced transaction activity by the provider in the banking AO domain during 2012-2015 AO delivery footprint of the provider in offshore locations

INTRODUCTION The capital markets industry continues to grapple with high regulatory pressures, intense competition, and an uncertain economy. Market participants are adopting disruptive business models to contain costs and improve profitability. As the financial services industry undergoes a technology revolution through adoption of digital technologies, capital markets players are investing in next-generation technologies to stay ahead of competition. Buy-side and sell-side participants, as well as financial intermediaries are investing in risk & compliance management solutions, automation, cloud & open-source technologies, mobility, high-end analytics, and third-party platforms as they focus on cost reduction, standardization, and portfolio rationalization. The evolving demand landscape is compelling IT service providers to adapt their offerings and invest in digital technologies, utility-based models, product & platform alliances, regulatory solutions, and co-innovation with clients. We had assessed 24 capital markets AO service providers for their capabilities in providing these services globally. These providers were mapped on the Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix, which is a composite index of a range of distinct metrics related to each provider’s capability and market success. In this report, we present detailed profiles of 24 service providers featured on the global capital markets AO PEAK MatrixTM. Each service provider profile presents a comprehensive picture of their capital markets AO service suite, scale of operations, domain investments, publicly-announced transactions, and delivery locations. SCOPE This report includes detailed profiles of the following 30 service providers: Capital markets AO PEAK Matrix Leaders: Accenture, Cognizant, HCL Technologies, IBM, Infosys, TCS, and Wipro Capital markets AO PEAK Matrix Major Contenders: Capgemini, CGI, CSC, Dell Services, EPAM, Genpact, IGATE, L&T Infotech, Luxoft, MphasiS, Polaris, and Tech Mahindra Capital markets AO PEAK Matrix Aspirants: Birlasoft, Hexaware, NIIT Technologies, Syntel, and Virtusa CONTENTS Each profile covers the following aspects for each featured service provider: General overview of the provider’s business, services, clients, and financials Highlights of the provider’s assessment across the PEAK Matrix dimensions – scale, scope, domain investments, delivery footprint, buyer satisfaction, and market success The provider’s capital markets AO-related domain investments, including proprietary solutions, acquisitions, alliances, and partnerships Publicly-announced transaction activity by the provider in the capital markets AO domain during 2012-2015 AO delivery footprint of the provider in offshore locations

INTRODUCTION The insurance industry is grappling with increasing customer expectations, eroding margins & downward pricing pressure, an uncertain economy, and increasing regulatory requirements. To address these challenges, insurance firms are investing in technology solutions and adopting disruptive business models to enhance customer experience, contain cost, improve profitability, and avoid penalties. As the insurance industry is evolving with new business priorities, IT service providers are looking to capitalize on the opportunity by tailoring their offerings with next-generation technologies, developing in-house solution frameworks/accelerators, collaborating with buyers to invest in innovation, setting up labs & CoEs to demonstrate and evaluate proof-of-concepts, as well as forming alliances with leading insurance-specific product and platform vendors. We had assessed 21 insurance AO service providers on their capabilities in providing these services globally. These providers were mapped on the Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix, which is a composite index of a range of distinct metrics related to each provider’s capability and market success. In this report, we present detailed profiles of these 21 service providers featured on the global insurance AO PEAK MatrixTM. Each service provider profile presents a comprehensive picture of their insurance AO service suite, scale of operations, domain investments, publicly-announced transactions, and delivery locations. SCOPE This report includes detailed profiles of the following 21 service providers: Insurance AO PEAK Matrix Leaders: Accenture, Capgemini + IGATE, Cognizant, IBM, Infosys, and TCS Insurance AO PEAK Matrix Major Contenders: CGI, CSC, HCL, HP, L&T Infotech, Mphasis, Mindtree, Syntel, Tech Mahindra, Virtusa, Wipro, and Zensar Technologies Insurance AO PEAK Matrix Aspirants: Birlasoft, Dell Services, and Hexaware CONTENTS Each profile covers the following aspects of each featured service provider: General overview of the provider’s business, services, clients, and financials Highlights of the provider’s assessment across the PEAK Matrix dimensions – scale, scope, domain investments, delivery footprint, buyer satisfaction, and market success The provider’s insurance AO-related domain investments, including proprietary solutions, acquisitions, alliances, and partnerships Publicly-announced transaction activity by the provider in the insurance AO domain during 2012-2015 AO delivery footprint of the provider in offshore locations

The Insurance IT Service Provider Profiles Compendium and Capability Snapshot 2019 provides comprehensive, research-backed snapshots of 20 insurance IT service providers. Each profile captures that service provider’s service suite, scale of operations, technology solutions, infrastructure services solutions, and delivery locations, along with Everest Group’s provider assessment. The providers covered are Accenture, Atos, Capgemini, CGI, Cognizant, DXC Technology, HCL Technologies, Hexaware, IBM, Infosys, LTI, Mphasis, NIIT Technologies, NTT Data, RapidValue Solutions, TCS, Tech Mahindra, Virtusa, Wipro, and Zensar. The compendium also sheds light on the global insurance IT service provider landscape. Contents Each service provider profile captures the following insurance IT service-specific details: Service suite and scale of operations: primary capabilities, FTEs, revenue, and recent developments Delivery locations and innovation centers: key delivery locations and innovation centers by country Technology solutions: key technology solutions across application and digital services in P&C insurance, application and digital services in L&A insurance, and next-generation IT infrastructure services The compendium enables enterprises to compare the service providers on their areas of strength and development to help existing and potential buyers of insurance IT services choose the most suitable service providers for their needs. Membership(s) Insurance - IT Services (ITS)

The Banking and Financial Services (BFS) IT Service Provider Profile Compendium provides comprehensive, research-backed snapshots of 25 BFS IT service providers. Each profile captures that service provider’s service suite, scale of operations, technology solutions, infrastructure services solutions, risk management & regulatory reporting support, and delivery locations, along with Everest Group’s provider assessment. The profiles covered include Accenture, Atos, Attra, Capgemini, CGI, Cigniti, Cognizant, DXC Technology, EPAM, GFT, HCL Technologies, Hexaware, IBM, Incedo, Infosys, LTI, Mphasis, NIIT Technologies, NTT Data, Quinnox, Synechron, TCS, Tech Mahindra, Virtusa, and Wipro. The compendium also sheds light on the global BFS IT service provider landscape. Contents Each service provider profile captures the following BFS IT service-specific details: Service suite and scale of operations: primary capabilities, FTEs, revenue, and recent developments Delivery locations and innovation centres: Key delivery locations and innovation centres by countries have been identified across the world Technology solutions: key technology solutions across application and digital services, risk and compliance IT services, enterprise platform IT services, and next-generation infrastructure IT services The compendium enables enterprises to compare the service providers on their areas of strength and development to help existing and potential buyers of BFS IT services choose the most suitable service providers for their needs. Membership(s) Banking and Financial Services (BFS) – IT Services

A combination of regulatory push and market forces is driving the adoption of open banking globally, with the aim to enhance customer experience and reinvent product and business models. Banks are embracing open banking to take a partnership-driven, collaborative approach that provides an ecosystem of lifestyle services to their customers and helps them stay relevant. However, the shift to open banking is beset with challenges due to banks’ legacy IT systems and infrastructure, which are characterized by lower agility, flexibility, and scalability To enable these firms to realize the full potential of open banking, IT service providers are investing in capabilities such as advisory services, API management, cloud and modern engineering, industry/academia collaboration, and employee certifications on third-party open banking platforms. In this research, we provide detailed profiles of 24 leading open banking IT service providers featured on the Open Banking IT Services PEAK Matrix® Assessment 2020. Each profile provides a comprehensive picture of the service provider’s service focus, business performance, marque case studies, key Intellectual Property (IP) / solutions, partnerships and domain investments. Scope Industry: Banking and Financial Services (BFS) Market segment: open banking IT services Geography: global Open banking IT service providers: Accenture, Aspire Systems, Capgemini, CGI, Cognizant, Deloitte, DXC Technology, EY, GFT, Happiest Minds, HCL Technologies, Hexaware, IBM, Infosys, LTI, Mphasis, NTT DATA, Softtek, Sopra Steria, TCS, Tech Mahindra, Virtusa, Wipro, and Zensar Technologies Contents This report features 24 open banking IT services provider profiles in the global BFS sector and includes: An overview of the 24 service providers’ open banking IT services business and offerings – vision, business performance, and key delivery locations Client success stories including the business challenges addressed, solution delivered, and impact generated An overview of the providers’ open banking IT services domain investments, key Intellectual Property (IP) / solutions, and key partnerships Everest Group’s perspective on the strengths and areas of improvement of the 24 service providers Membership(s) Banking & Financial Services (BFS) - IT Services (ITS)

P&C insurers are increasingly looking to adopt third-party core platforms to quickly address the limitations of legacy core systems and improve operational efficiencies, agility, scalability, and front-to-back transformation. Guidewire has become the core platform of choice for many P&C insurers to navigate this transformation journey. Insurers are looking to identify service partners with strong insurance domain knowledge, technical expertise in Guidewire products, and a strong suite of accelerators to address their time-to-market and cost priorities. With Guidewire shifting its focus to a SaaS model, insurers are now cautiously evaluating the best-fit cloud deployment option to move core systems to the cloud, based on their long-term cloud strategies. IT service providers are responding to these demands by investing in dedicated CoEs and training to expand Guidewire-certified resources across multiple products, building accelerators/frameworks to ensure on-budget and on-time project implementations, and supporting insurers in crafting a cloud strategy with Guidewire at the center. Many service providers are enhancing, extending, and complementing their Guidewire product capabilities by weaving digital service offerings on top of the products. Service providers that can position themselves as strategic partners in P&C insurers' Guidewire transformation journeys by offering an integrated value proposition that comprises consulting and roadmap support, as well as cost-effective downstream implementation capabilities, will be better positioned to capitalize on the demand opportunity. In this report, we provide detailed profiles of 16 leading Guidewire service providers featured on Everest Group’s Guidewire Services PEAK Matrix® Assessment 2020. Each profile provides a comprehensive picture of the service provider’s service focus, scale of operations, business performance, recent case studies, key Intellectual Property (IP) / solutions, partnerships, and domain investments. The assessment is based on Everest Group’s RFI process and interactions with leading Guidewire service providers, client references, and an ongoing tracking of the Guidewire services market. Scope Industry: insurance IT services Market segment: Guidewire services Geography: global Guidewire service providers evaluated: 4impact, Accenture, Blackcomb Consultants, Capgemini, Cognizant, Deloitte, EY, GFT, Hexaware, IKOR, Infosys, PwC, LTI, Sollers Consulting, TCS, and Zensar Technologies Contents This report features 16 Guidewire service providers that serve P&C insurance customers globally and includes the following: A snapshot of the Guidewire Services PEAK Matrix® Assessment 2020 An overview of the service 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, including business challenges, solutions delivered, and impact generated An overview of the providers’ key Guidewire-specific investment and Intellectual Property (IP) / solutions Everest Group’s perspective on the strengths and areas of improvement for the 16 service providers Membership(s) Insurance - IT Services (ITS)

Banking and Financial Services (BFS) firms are experiencing drastic regulatory changes – the most sweeping since the Volker reforms and the Dodd-Frank Act following the 2008 economic crisis – across cybersecurity, data privacy, enterprise risk, financial crime, and financial risk management. The need of the hour is a resilient, scalable, agile, and flexible risk management and regulatory reporting architecture, which can adapt to the needs of the post-COVID-19 ecosystem. BFS firms face challenges in transforming their risk and compliance functions in particular because of legacy IT systems and infrastructure, which come in the way of adopting modern solutions such as AI- and big data analytics-driven risk assessments and real-time insights. To address this need, service providers are building solutions and entering into partnerships with technology vendors to help BFS firms build API-driven data warehouses, agile risk assessment models, and cloud-based risk & compliance management platforms. In this compendium, we provide detailed profiles of 26 IT service providers featured on the BFS Risk and Compliance IT Services PEAK Matrix Assessment® 2020. Each profile provides a comprehensive picture of the service provider’s service focus, scale of operations, business performance, recent case studies, key Intellectual Property (IP) / solutions, and domain investments. The analysis is based on Everest Group’s RFI process, interactions with leading BFS risk and compliance IT service providers, client reference checks, and an ongoing analysis of the BFS risk and compliance IT services market. Scope In this compendium, we study the following risk and compliance IT service providers: Accenture, Atos, Birlasoft, Capgemini, CGI, Cognizant, Deloitte, DXC Technology, EY, Happiest Minds, HCL Technologies, IBM, Infosys, KPMG, LTI, Mphasis, NSEIT, NTT DATA, PwC, Sopra Steria, Synechron, TCS, Tech Mahindra, Virtusa, Wipro, and Zensar Technologies. Contents This report features 26 IT service provider profiles, each of which includes: An overview of the provider’s BFS risk and compliance IT services business and offerings: vision, business performance update, services, and geography focus Client success stories, including the business challenges, solution delivered, and impact generated An overview of the provider’s BFS risk and compliance IT services domain investments, key Intellectual Property (IP) / solutions, and partnerships A detailed assessment of the service provider’s strengths and areas of improvement Membership(s) Banking & Financial Services (BFS) - IT Services (ITS)

The rise of the sharing economy, rapidly evolving customer demands, the changing nature of risks, and significant COVID-19-caused shifts in the business environment have prompted carriers to institute new business models by enabling products, services, pricing, and channel innovation. To support insurers in their business model innovation journeys, IT service providers are adopting a business-first lens to operating model transformation, demonstrating rapid prototyping capabilities, showcasing high levels of strategic thinking and innovation credentials, and showing the willingness to engage via flexible commercial constructs to fund transformation programs. In this report, we provide detailed profiles of 16 leading IT service providers featured on Everest Group’s PEAK Matrix® for Insurance Business Model Innovation Enablement Services. Each profile provides information on the service provider’s top investments to enable business model innovation, the vision for enabling new business model innovation for insurance clients, and key success stories. Scope This research studies the following IT service providers associated with insurance business model innovation enablement services: Birlasoft, Capgemini, Coforge, Cognizant, DXC Technology, HCL Technologies, LTI, Mindtree, Mphasis, RapidValue, TCS, Tech Mahindra, Trianz, Virtusa, Wipro, and Zensar Technologies. Contents In this report, we share: A snapshot of the Insurance Business Model Innovation Enablement Services PEAK Matrix® Assessment 2021 An overview of the service providers’ top investments to enable the insurers’ business model innovation journeys Service providers’ vision for enabling new business model innovation for insurance clients Providers’ key success stories Everest Group’s perspective on the strengths and areas of improvement for the 16 service providers Membership(s) Insurance Information Technology Sourcing and Vendor Management

Historically, global capital markets firms have been slow in addressing digital disruption, but the COVID-19 pandemic dramatically accelerated their plan for organization-wide digital transformation. Some of the key challenges that capital markets enterprises focused on at the beginning of the year were a muted growth outlook, a complex regulatory landscape, and the need to manage business resiliency during the pandemic. They addressed these concerns by enabling secure ways for employees to work remotely, digitalizing sales and distribution channels to effectively serve customers, and managing brand and customer trust. As the global markets have started recovering, capital markets firms are focusing on the next normal by investing in data migration, the cloud, platform modernization, and machine learning to enhance customer experience. IT service providers are ramping up their service offerings, redesigning their capital markets practice strategies, and leveraging ecosystem talent to respond to the evolving demand themes. In this compendium, we provide detailed profiles of 25 leading IT application and digital services service providers, featured on the Application and Digital Services in Capital Markets PEAK Matrix Assessment® 2021. 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, and domain investments. The analysis is based on Everest Group’s RFI process, interactions with leading IT application and digital services service providers, client reference checks, and an ongoing analysis of the capital markets application and digital services market.   Scope In this compendium, we study the following IT application and digital services service providers in capital markets: Accenture, Atos, Birlasoft, Capgemini, Coforge, Cognizant, DXC Technology, Endava, EPAM, Genpact, GFT, HCL Technologies, Incedo, Infosys, LTI, Mindtree, Mphasis, NSEIT, NTT DATA, Quinnox, TCS, Tech Mahindra, Virtusa, Wipro, and Zensar Technologies. Contents This report features 25 IT service provider profiles, each of which includes: An overview of the provider’s capital markets application and digital services business and offerings: vision, business performance update, and services and geography focus Client success stories, including the business challenges, solution delivered, and impact generated An overview of the provider’s domain investments, key Intellectual Property (IP) / solutions, and partnerships related to capital markets application and digital services A detailed assessment of the service provider’s strengths and areas of improvement   Membership(s) Banking & Financial Services ITS Sourcing and Vendor Management