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

The insurance industry is embracing transformation to keep pace with the ongoing digital disruption across global markets and economies. A combination of factors – including changing consumer demography, new demand patterns, new market entrants, profitability concerns, and operational resilience – are urging this dramatic shift. Notably, in making the shift, enterprises are moving away from a siloed approach to an organization-wide digital transformation strategy, as they increasingly realize the short-lived gains of pointed technological interventions. The underlying theme across enterprises’ failed attempts is a disjointed vision that does not support the firm’s overall growth strategy. Insurance firms are increasingly modifying their federated approach to digital transformation to a centralized strategy to ensure successful investments and meet their strategic objectives. In this research, we deconstruct the digital transformation journeys across key insurance industry segments – L&P insurance, P&C insurance, reinsurance, and brokerage – by examining the underlying objectives, operationalization approaches, and requisite investments being made to ensure favorable outcomes. Scope Industry: insurance Geography: global Contents As part of this study, we interviewed leading insurance enterprises across key industry segments – Life and Pensions (L&P), Property and Casualty (P&C), reinsurers, and brokers – to examine: Why insurance enterprises are undertaking digital transformation initiatives, the key drivers for their journeys, and current digital maturity across various industry segments How they are operationalizing these efforts in terms of spearheading, prioritizing, funding, and executing the initiatives What are the resulting target operating models and key investments required to attain the end state Membership(s) Insurance Business Process Sourcing and Vendor Management

Looming uncertainties accompanying the global pandemic, compounded by fewer claims generated across select LOBs, meant that the Property and Casualty (P&C) insurance BPS market was unable to maintain its double-digit growth streak in 2020. Meanwhile, below-optimal digital adoption in P&C insurance BPS relationships and pandemic-induced digital necessities spurred service providers to proactively find application opportunities for their digital investments. Notably, while investments in digital solutions have gained pace across the board, there still remains a large ground to cover in terms of ramping up the adoption of digital solutions across operations. P&C Insurance BPS – Service Provider Compendium 2021 provides accurate, comprehensive, and fact-based snapshots of 13 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, and delivery locations – and specifies the provider’s position on the Everest Group PEAK Matrix®. The report also provides insights on the global P&C insurance service provider landscape. Scope Industry: insurance Geography: global Services: The report covers P&C insurance BP services and does not cover horizontal business processes such as Finance and Accounting (F&A), Human Resource (HR), 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, as well as 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 assessment, and remarks on each service provider’s strengths and limitations Membership(s) Insurance Business Process Sourcing and Vendor Management

With uncertainties accompanying the COVID-19 pandemic, along with fewer claims generated across select LOBs, the Property and Casualty (P&C) insurance BPS market was unable to maintain its double-digit growth streak in 2020. Below-optimal digital adoption in P&C insurance BPS relationships and pandemic-induced digital necessities spurred service providers to proactively find application opportunities for their digital investments. This report examines the global Property and Casualty (P&C) insurance BPS market and its service provider landscape. It provides detailed analysis of the vision, delivery capabilities, market successes, and limitations of 22 P&C insurance BPS providers and positions them on the Everest Group PEAK Matrix® framework as Leaders, Major Contenders, or Aspirants. The study will assist key stakeholders, such as insurance enterprises, service providers, and technology providers, in understanding the current state of the P&C insurance BPS market. Scope In this report, we only cover vertical-specific P&C insurance BPS. We have not covered horizontal business processes, such as Finance and Accounting (F&A), Human Resource (HR), procurement, and contact center. Industry: industry-specific P&C insurance BPS, including personal, commercial, and specialty lines Geography: global Contents This report evaluates: Relative positioning of 22 service providers on Everest Group’s PEAK Matrix® for P&C Insurance BPS Service provider market impact Service provider vision and capability assessment across key dimensions 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

Insurers deal with a large number of documents in varied formats in their day-to-day operations. The traditional content extraction process has numerous manual touchpoints that make the workstream inefficient owing to frequent human error and associated delays. Moreover, existing targeted technological interventions only go so far because of frequent human reliance for complex, unstructured documents. To add to this, such a content extraction process is difficult to capitalize for wider downstream transformation initiatives. Existing drawbacks of the traditional process need to be overcome to support a changing leadership vision based on building a digital operating model that can deliver on heightened consumer expectations and stay resilient in the future to come. As such, a modernized, AI-powered content extraction system would be a foundational step in building a strong digital core enabled by intelligent solutions that can empower key insurance operations by freeing up previously spent resources on redundant activities. Such a system will facilitate a quicker and accurate information capturing mechanism that would intelligently upgrade the incoming content stream, further aiding end-to-end automation of associated workflows. Scope Industry: insurance Geography: global Contents In this study, we: Describe the traditional content extraction process, its associated pitfalls in terms of existing inefficiencies, and how it acts as a deterrent to further transformation Understand the process of modernized, AI-powered content extraction and the enabling role of intelligent automation Lay down the operationalization of AI-powered content extraction across the insurance value chain to enable downstream efficiencies Membership(s) Insurance Business Process Sourcing and Vendor Management

Property & Casualty (P&C) Insurance Third-party Administrator Services Compendium 2021 provides accurate, comprehensive, and fact-based snapshots of 11 P&C insurance TPA service providers. It offers a detailed profile of each TPA service provider – with a comprehensive picture of its services suite, scale of operations, delivery capabilities, recent developments and investments, and technology solutions. Scope Industry: P&C insurance This compendium evaluates the following P&C insurance TPA service providers with multi-process capabilities: Sedgwick, Crawford, Gallagher Bassett, CorVel, Charles Taylor, ESIS, Helmsman, Genpact, McLarens, Athens Administrator, and PMA Companies Content Each service provider profile provides the following details P&C insurance TPA services suite and scale of operations: overview of the firm, key leaders, services suite, revenue, and FTE trends P&C insurance TPA services portfolio and delivery capabilities: key client contracts, P&C insurance TPA revenue split by buyer size and FTE split by process, industry segment, and geography P&C insurance TPA innovation and investments: brief descriptions of key technology solutions and recent investments Membership(s) Insurance Business Process Sourcing and Vendor Management