Life and Annuities (L&A) carriers are navigating a complex landscape shaped by changing demographics, evolving customer expectations, and mounting regulatory and cost pressures. This report presents a comprehensive view of how carriers are responding by investing in product and process innovation, digital modernization, and strategic outsourcing. Key focus areas include group benefits, annuities, and retirement insurance segments, where demand is rising due to workforce trends and interest rate shifts. Carriers are adopting AI and generative AI to improve underwriting, personalize services, and reduce cycle times, while also redesigning benefits to support wellness and workforce retention. The report explores how sourcing strategies are evolving, with carriers favoring flexible engagement models such as BPaaS and platform-based deals. Increased outsourcing to manage closed blocks and support transformation initiatives across group L&A products is driving growth. Regional outlooks emphasize market maturity in North America, regulatory innovation in the UK/EU, and expanding demand in APAC. With technology at the core of customer experience and compliance, carriers are seeking providers that can deliver both domain expertise and next-generation capabilities. Scope Geography: global Industry: L&A insurance Business Process Services (BPS) market Service: BPS Contents The report outlines: Broader L&A insurance market trends and growth segment Enterprise priorities, sourcing strategies, and outsourcing models Group life insurance innovation and convergence with wellness benefits Provider performance and buyer expectations L&A insurance BPS market dynamics, deal characteristics, and regional adoption patterns

The lending operations market has faced considerable disruptions in recent years due to high interest rates and other macroeconomic factors, leading to reduced consumer activity. In response, providers are innovating to meet local market demands and stay competitive. High-growth business segments, such as mortgage, commercial lending, and auto lending, are key focus areas. Providers are differentiating themselves by forming strategic partnerships and acquiring firms to enhance their capabilities and accelerate time-to-market for new offerings. Investments in digital lending solutions and advanced tools are streamlining the lending lifecycle, enhancing the overall customer experience. The Lending Services Operations Provider Compendium 2025 provides accurate, comprehensive, and fact-based snapshots of 31 lending operations service providers. Each profile offers a comprehensive picture of the provider’s services suite, scale of operations, recent developments and investments, technology solutions, and delivery locations. The report also analyzes the global lending services operations provider landscape. Scope Industry: banking and financial services Geography: global Contents In this report, we feature 31 lending operations service provider profiles and include: Lending operations service suite and scale of operations: key leaders, services suite, FTEs, and recent developments and investments Lending client portfolio: key clients and recently announced contracts, lending operations revenue split by geography and buyer size, and FTE split by process and delivery location Global lending delivery locations: details of key delivery locations worldwide Proprietary solutions and partnerships   Membership(s) Banking and Financial Services Business Process Sourcing and Vendor Management

The global Life and Annuities (L&A) insurance industry is significantly transforming as insurers navigate evolving customer expectations, regulatory pressures, and macroeconomic uncertainties. Legacy systems continue to hinder agility and innovation, posing challenges to operational efficiency. However, there is a growing recognition of the need for digitalization to streamline operations, enhance customer experience, and remain competitive in a rapidly changing market. Given the situation, providers are at the forefront of addressing these challenges, catering to a broad spectrum of L&A insurance needs, spanning product categories such as life, annuities, retirement, and group benefits. They are moving beyond cost-focused outsourcing to value-driven, transformative solutions driven by the growing adoption of BPaaS and Third-party Administrator (TPA) models. Strategic partnerships with InsurTechs, AI advancements, and talent investments are enabling them to deliver more impactful and innovative solutions to the L&A insurance industry. Life and Annuities (L&A) Insurance BPS and Third-Party Administrator (TPA) Service Provider Compendium 2025 provides accurate, comprehensive, and fact-based snapshots of 24 L&A insurance BPS/TPA providers. Each profile offers a comprehensive picture of the provider’s services suite, scale of operations, recent developments and investments, technology solutions, and delivery locations. The report also provides insights on the global L&A insurance BPS/TPA provider landscape. Scope Industry: Life & Annuities (L&A) insurance Geography: Global Contents In this report, we feature 24 L&A insurance BPS/TPA service provider profiles and include: L&A insurance service suite and scale of operations: key leaders, services suite, FTEs, and recent developments and investments L&A insurance client portfolio: major clients and recently announced contracts, along with L&A insurance revenue split by geography and buyer size and FTE split by process and delivery location Global L&A insurance delivery locations: details of key delivery locations worldwide L&A insurance technology solutions/tools: brief descriptions of key technology solutions Membership(s) Insurance Business Process Sourcing and Vendor Management

The global Life and Annuities (L&A) insurance industry is significantly transforming as insurers navigate evolving customer expectations, regulatory pressures, and macroeconomic uncertainties. Legacy systems continue to hinder agility and innovation, posing challenges to operational efficiency. However, there is a growing recognition of the need for digitalization to streamline operations, enhance customer experience, and remain competitive in a rapidly changing market. Given the situation, providers are at the forefront of addressing these challenges, catering to a broad spectrum of L&A insurance needs, spanning product categories such as life, annuities, retirement, and group benefits. They are moving beyond cost-focused outsourcing to value-driven, transformative solutions driven by the growing adoption of BPaaS and Third-party Administrator (TPA) models. Strategic partnerships with InsurTechs, AI advancements, and talent investments are enabling them to deliver more impactful and innovative solutions to the L&A insurance industry. In this report, we assess 24 L&A insurance Business Process Services (BPS) TPA providers and position them on Everest Group’s PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants. Each provider profile provides a comprehensive picture of its vision, delivery capabilities, market success, and key strengths and limitations. The report also examines the global L&A insurance BPS and TPA services market and its provider landscape. The study will help key stakeholders, such as insurance enterprises and service and technology providers, understand the current state of the L&A insurance BPS/TPA market. Scope Industry: L&A insurance BPA/TPA Geography: global In this report, we only cover vertical-specific L&A operations and have omitted horizontal business processes, such as finance and accounting, HR, procurement, and contact centers Contents This report features 24 L&A service provider profiles and includes: Providers’ relative positioning on Everest Group’s PEAK Matrix® for L&A insurance BPS and TPA Providers’ market impact Evaluation of providers’ vision and capabilities across key dimensions Membership(s) Insurance Business Process Sourcing and Vendor Management

Growing cost pressures and increasing loss ratios have driven Property and Casualty (P&C) insurance carriers to enhance their operations to remain competitive. Technology advances and digitally native insurers have increased customer expectations and challenged carriers' financial performances. In response, P&C carriers are strategically leveraging technologies such as automation, analytics, AI, and ML across their value chains. To achieve differentiated RoI, carriers are building in-house capabilities, partnering with InsurTech firms, or outsourcing. In this viewpoint, we offer strategic guidance to P&C insurers on navigating technology adoption and addressing operational challenges. Additionally, the report outlines current technology adoption trends among P&C insurers and a comprehensive framework to effectively leverage technology across the insurance value chain. Scope Industry: insurance Geography: global Service: insurance BPS Contents In this study, we: Examine technology use in P&C insurance operations Analyze the needs driving technology solutions’ adoption Evaluate measures that insurers implement to address operational challenges Assess P&C insurance carriers’ current technology maturity Recommend a use case prioritization roadmap for P&C insurance carriers Membership(s) Insurance Business Process Sourcing and Vendor Management

The insurance intermediary segments (agents, brokers, and managing general agents (MGAs)) across the globe had a strong uptick post the pandemic. This growth is due to the rising consolidation, rates hardening, increasing complexity of insurance products, growing PE capital influx, and accelerating technology adoption. Intermediaries also partner with providers to leverage their domain and technology expertise, partnership ecosystems, and advisory capabilities to improve their operations and customer experiences. In this report, we examine the global insurance intermediary Business Process Services (BPS) market. The report analyzes insurance intermediaries’ strategic and responsive investments, future strategic priorities, BPS adoption trends, deal value, and characteristics. It will assist insurance intermediaries, providers, and technology providers to understand the current intermediary BPS market. Scope Industry: insurance intermediary BPS services Geography: Global This report is based on Everest Group’s annual RFI process, interactions with leading insurance intermediary BPS providers and buyers, and our ongoing coverage of the insurance intermediary BPS market Contents In this report, we: Examine insurance intermediary BPS industry trends Assess buyer outsourcing priorities Membership(s) Insurance Business Process Sourcing and Vendor Management

Amid dynamic shifts in the market, the insurance intermediary sector is transforming significantly. A prominent trend is emerging toward prioritizing digitization and embracing advanced technologies to drive change, particularly given the challenging economic landscape and ongoing market consolidation. Considering the emerging risks associated with climate change and cyber threats, intermediaries are expanding their role beyond traditional risk placement to become strategic advisors. They harness data-driven insights to offer proactive risk management solutions to insurance agents, brokers, and Managing General Agents (MGA)s. To navigate these evolving challenges and opportunities, the insurance intermediary sector is adapting by partnering with providers. This strategic move aims to streamline expenses, gain access to technical expertise, and leverage specialized talent. In response, providers are enhancing their digital capacities, partnering with InsurTech firms, and collaborating with intermediaries through a consultative methodology. This compendium provides accurate, comprehensive, and fact-based snapshots of 15 insurance intermediary Business Process Services (BPS) providers. Each profile offers a detailed overview of the provider’s services suite, scale of operations, recent developments and investments, technology solutions, and delivery locations. Scope Industry: insurance intermediary BPS services Geography: global In this report, we limit our scope to vertical-specific insurance intermediary operations and do not cover horizontal functions such as Finance and Accounting (F&A), HR, procurement, and contact centers Contents This report features 15 insurance intermediary service provider profiles and includes: Insurance intermediary BPS service suite and scale of operations: key leaders, services suite, FTEs, and recent developments and investments Insurance intermediary client portfolio: major clients and recently announced contracts, along with intermediary revenue split by geography and the intermediary type and FTE split by process and delivery location Global insurance intermediary delivery locations: details of key delivery locations worldwide Insurance intermediary technology solutions/tools: brief descriptions of key technology solutions Membership(s) Insurance Business Process Sourcing and Vendor Management

Amid evolving market dynamics, the insurance intermediary sector is transforming significantly. There is a noticeable shift toward prioritizing digitization and adopting advanced technologies to drive change, especially amid the challenging economic landscape and ongoing market consolidation. Additionally, with the emergence of risks associated with climate change and cyber threats, intermediaries are expanding their role beyond traditional risk placement to become strategic advisors. They leverage data-driven insights to offer proactive risk management solutions to clients. As the insurance intermediary segment adapts to this evolving landscape, there is a growing trend of forging partnerships with providers to optimize costs, access technical capabilities, and tap into talent expertise. Concurrently, providers are actively investing in digital capabilities, partnering with InsurTech companies, and enhancing collaboration with intermediaries through a consultative approach. In this report, we assess 15 insurance intermediary Business Process Services (BPS) providers and position them on Everest Group’s PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants. Each profile offers a comprehensive picture of the provider’s vision, delivery capabilities, market success, and key strengths and limitations. The report also examines the global insurance intermediary services market and its provider landscape. The study will assist key stakeholders, such as insurance intermediaries, service providers, and technology providers, to understand the current state of the insurance intermediary BPS market. Scope Industry: insurance intermediary services Geography: global In this report, we only cover vertical-specific insurance intermediary operations and have omitted horizontal business processes, such as Finance and Accounting (F&A), HR, procurement, and contact centers Contents This report features 15 insurance intermediary service provider profiles and includes: Providers’ relative positioning on Everest Group’s PEAK Matrix® for insurance intermediary services Providers’ market impact Evaluation of providers’ vision and capabilities across key dimensions Membership(s) Insurance Business Process Outsourcing Excellence

During the recession, enterprises increasingly turn to Property and Casualty (P&C) insurance Business Process Services (BPS) providers to address rising operational expenses resulting from increased inflation. This cost surge is attributed to heightened claims expenses and rate adjustments across various P&C products. Cost reduction emerges as the primary driver for outsourcing, accompanied by the pursuit of operational efficiency for improved business outcomes. Moreover, key enterprise leaders are experiencing notable delays in decision-making for transformative projects. Nevertheless, P&C insurance BPS providers actively seek expansion opportunities by enhancing expertise in less commonly outsourced domains such as underwriting, actuarial analysis, and claims processing – areas significantly impacting enterprise expenses. These providers are also introducing transformative initiatives to unlock the full advantages of partnering with BPS providers, enabling efficiency improvements and cost reductions to sustain and enhance growth in a challenging business landscape. The Property and Casualty (P&C) Insurance BPS – Provider Compendium 2023 provides accurate, comprehensive, and fact-based snapshots of 21 P&C insurance BPS providers. Each profile offers a comprehensive picture of the provider’s services suite, scale of operations, recent developments and investments, technology solutions, and delivery locations, and specifies the provider’s position on Everest Group’s PEAK Matrix® framework. The report also provides insights on the global P&C insurance BPS provider landscape. Scope Industry: P&C insurance Geography: global Contents This report features 21 P&C service provider profiles and includes: 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

Insurance enterprises grapple with economic hurdles, supply chain disruptions, reduction in discretionary incomes, demographics, and inflation, globally. At the same time, consumers are opting for personalized insurance, which is driving digital transformation with data and analytics for better customer experiences. Further, enterprises are pursuing efficient operations and tech with AI/ML for legacy data modernization. The industry is prioritizing risk mitigation over risk compensation, demanding resilience to weather economic swings. It is imperative for enterprises to remain vigilant and adapt to changes across market factors such as demographics, digitization, and debt, while also preparing for potential technological disruptions that may come as a surprise. In such a scenario, enterprises must consider outsourcing their business processes as achieving transformation across key processes in the value chain will require identifying efficient ways to improve the operating model at a lower cost over an extended period. In this viewpoint, we provide directional guidance to insurance enterprises on navigating the operations outsourcing landscape and evaluate key elements within it to investigate how they are changing to align with evolving needs of enterprises. Scope Industry: insurance Geography: global Service: insurance BPS Contents In this study, we: Describe key sourcing variables that may impact the operations of insurance enterprises Analyze strategic sourcing imperatives for insurance enterprises Assess difference between various sourcing models and their implication on enterprise priorities List key provider imperatives and offerings in the operations outsourcing market Membership(s) Insurance Business Process Sourcing and Vendor Management