The Banking, Financial Services, and Insurance (BFSI) industry is navigating heightened economic uncertainty, rapid technology innovation, and sophisticated customer demands. In response, enterprises are turning to specialized IT services firms. These providers offer in-depth domain expertise, tailored solutions, and agile, collaborative delivery models and are emerging as viable challengers to traditional, large-scale providers. These specialists address vital capability gaps in cloud transformation, advanced analytics, product engineering, low-/no-code platforms, and AI-driven solutions. They deliver precision and responsiveness that larger providers often lack. Their close client engagements foster strategic partnerships that enhance innovation, optimize operational effectiveness, and accelerate market responsiveness. As competition intensifies and regulations evolve, these providers have become indispensable partners, enabling BFSI firms to sustain a competitive advantage, reduce time-to-market, and enhance customer experiences. In this report, we present detailed profiles of 33 IT service providers as part of the BFSI IT Services Specialists PEAK Matrix® Assessment 2025. Of these, 30 providers are positioned on the BFS assessment and 14 on the insurance assessment. Each profile offers a comprehensive picture of the provider through a snapshot of its operational overview, delivery presence, solutions on offer, investments, and market success.

The Banking, Financial Services, and Insurance (BFSI) industry is navigating heightened economic uncertainty, rapid technology innovation, and sophisticated customer demands. In response, BFSI enterprises are turning to specialized IT services firms. These providers offer in-depth domain expertise, tailored solutions, and agile, collaborative delivery models and are emerging as viable challengers to traditional, large-scale providers. These specialists address vital capability gaps in cloud transformation, advanced analytics, product engineering, low-code/no-code platforms, and AI-driven solutions. They deliver precision and responsiveness that are often lacking in larger providers. Their close client engagements foster strategic partnerships that enhance innovation, optimize operational effectiveness, and accelerate market responsiveness. As competition intensifies and regulations evolve, these providers have become indispensable partners, enabling BFSI firms to sustain a competitive advantage, reduce time-to-market, and enhance customer experiences. In this report, we analyze 33 IT service providers as part of the BFSI IT Services Specialists PEAK Matrix® Assessment 2025. Of these, 30 providers are positioned on the BFS assessment and 14 on the insurance assessment. Scope Industry: insurance and financial services Geography: global Contents In this report, we: Assess 33 IT services specialists Position providers as Leaders, Major Contenders, and Aspirants Compare providers’ key strengths and limitations

The insurance industry is rapidly transforming, driven by technology advances, evolving customer expectations, and regulatory shifts. Life and Annuity (L&A) insurers are increasingly focusing on modernizing legacy systems to enhance operational efficiency and deliver seamless digital experiences. IT providers are vital in this journey, facilitating cloud adoption, automating processes, and eliminating data silos. The industry's focus has shifted from basic digital transformation to elevating customer experience for agents and brokers, emphasizing omnichannel engagement and expanded benefit offerings. Meanwhile, Property and Casualty (P&C) insurers are also embracing digital modernization, with Guidewire and Duck Creek emerging as preferred platforms for core system overhauls. IT providers have developed specialized capabilities for these platforms, enabling complex migrations and aligning solutions with enterprise requirements. Additionally, P&C insurers are leveraging predictive analytics to prevent losses, digitize broker channels, and optimize underwriting processes. Going beyond technical implementations, IT providers are driving advances by developing proprietary tools, collaborating with InsurTechs, and expanding their talent pools. This comprehensive report assesses 39 leading IT providers’ capabilities based on Everest Group’s 2024 Insurance IT Services PEAK Matrix® Assessment, offering insights into their market impact, delivery models, and strategic investments. Scope Geography: global Industry: insurance Services: insurance IT services Contents In this report, we examine: Providers’ key strengths and limitations A general overview of providers’ IT services in the insurance business, such as the scope of services offered and adoption across enterprise segments, lines of business, delivery centers, and geographical spread of clientele Providers’ capabilities to serve/administer L&A core platforms, Duck Creek, and Guidewire Key insurance IT services case studies for insurers An overview of providers’ insurance IT services investments, key solutions, and partnerships Membership(s) Insurance Information Technology Sourcing and Vendor Management

The Everest Group Leading 50™ Life & Annuity (L&A) Insurance Technology Providers report objectively analyzes the leading technology providers serving the L&A insurance, retirements, and pensions industry. The ranking is based on key parameters, including revenue generated from L&A insurance platforms, line-of-business coverage, value chain functions, and global client reach. It also examines recent investments in capability enhancements, product launches, and partnerships across the technology landscape. This report offers valuable insights for L&A insurers looking to identify technology suppliers that excel in high-impact segments such as customer engagement, digital workflow management, underwriting assistance, pension administration, and distribution management. By leveraging this data, insurers can build a shortlist of potential partners tailored to their unique needs. Additionally, the report serves as a tool for technology providers to benchmark their offerings, and for system integration services providers to strengthen industry-specific partnerships, thereby enhancing their value propositions. By highlighting innovations in cloud, data, and analytics, this report provides insights to stay competitive in the evolving L&A insurance technology landscape, making it a crucial resource for providers aiming to adapt to new challenges and capitalize on emerging opportunities. Scope Industry: L&A insurance Geography: global Contents In this report, we examine: Leading 50™ L&A insurance technology providers The research approach and evaluation criteria Providers recognitions in key areas Leading 50™ providers’ global distribution Hyperscaler providers’ role in transforming the L&A insurance industry Leading 50™ providers’ system integrators and partnerships Key insights for L&A insurers Membership(s) Insurance Information Technology Sourcing and Vendor Management

The Everest Group Leading 50™ Property & Casualty (P&C) Insurance Technology Providers report objectively analyzes the leading technology providers serving the P&C insurance industry. The ranking is based on key parameters, including revenue derived from P&C insurance-focused technology platforms/solutions, line-of-business coverage, value chain coverage, and client geographic coverage. It also examines recent investments in capability enhancements, product launches, and partnerships across the technology landscape. This report provides important insights into leading core and augmentation technology providers for P&C insurers, aiding in more informed provider selection and strategic technology purchase decisions. The report also recognizes technology providers across high-impact segments such as underwriting assistance, fraud detection and mitigation, distribution and agency management, digital experience platforms (including customer experience and relationship management), emerging risks intelligence and assessment – cyber and climate, intelligent workflow orchestration, risk intelligence for property and auto insurance, and standalone pricing and rating engine. It can also serve as a benchmarking tool for technology providers to measure themselves against peers. In addition, this report provides system integration services providers with guidance on industry-specific partnerships to build a more robust value proposition for P&C insurers. By highlighting innovations in cloud, data, and analytics, this report provides a roadmap to stay competitive in the evolving P&C insurance technology landscape, making it a crucial resource for providers aiming to adapt to new challenges and capitalize on emerging opportunities. Scope Industry: P&C insurance Geography: global Contents In this report, we examine: Leading 50™ P&C insurance technology providers The research background, methodology, and scope Recognitions for specialized P&C insurance technology providers Leading 50™ P&C insurance technology providers’ geographical distribution and value chain distribution Role of hyperscalers in driving the P&C insurance industry cloud Generative AI in P&C insurance Role of System Integrators (SIs) and the partnership ecosystem with Leading 50™ Property & Casualty (P&C) Insurance Technology Providers Implications for P&C insurers Membership(s) Insurance Information Technology Sourcing and Vendor Management

In 2023, insurance enterprises strengthened profitability through increased rates, better underwriting practices, and higher investment returns. Despite these gains, the Property and Casualty (P&C) insurance industry struggles to meet its cost of capital. Considering the current macroeconomic environment and geopolitical risks, insurers must price existing risks competently and assess newer risks to maintain profitability. Amid this uncertainty, insurers must prioritize cost and efficiency to navigate this period successfully. In this report, we demonstrate how innovation will support insurers dual agenda of in achieving reduced costs, improved efficiency, and maximum growth in the long term. It emphasizes AI’s importance on the cloud in driving value through intelligence-driven approaches and estimates productivity gains from advanced analytics across the underwriting value chain. Additionally, the report assesses trends and growth projections in the insurance IT services market, offering Everest Group’s estimates of the global insurance IT services outsourcing market. The analysis includes sublines of business, regions, and services subsegments. Scope Industry: insurance Geography: global Contents In this report, we: Examine the insurance IT services market trends, growth outlook, and global sourcing Highlight opportunities and risks insurers face in a challenging market environment Explore AI’s role on the cloud in driving value through intelligence-driven approaches Estimate productivity gains achieved via advanced analytics across the underwriting value chain Membership(s) Insurance Information Technology Sourcing and Vendor Management

The insurance industry is grappling with a complex landscape marked by a prolonged increase in cost-push inflation, new risk profiles due to changes in climate exposure, and digitally enabled consumers expecting modern, personalized experiences. Moreover, aging technology platforms and shifts in generational labor pools are compounding challenges that are likely to persist for many years. To expedite recovery and effectively tackle industry headwinds, Property and Casualty (P&C) insurers must actively drive technology-led business model innovation at speed and scale. P&C insurers will need to transition from traditional systems to modernized core systems that enhance user experience and optimize operational efficiency. This shift requires insurers to move beyond making peripheral changes and prioritize a robust front-to-back transformation focused on revamping core systems. Selecting the right path for core transformation is essential for insurers, necessitating aligning with internal business and technology mandates. This also involves partnering with a system integration services provider that brings techno-functional expertise and a collaborative mindset to align with the growth vision. In this viewpoint, we explore an emerging approach that addresses these needs by combining the power of a highly aligned software-as-a-service core with a low-code platform. In this approach, an optimized core drives the scale and breadth that makes cloud-based computing an attractive option, while localizing insurers’ customization into a ready-built low-code platform. Scope Industry: insurance Geography: global Contents In this viewpoint, we: Understand the need for core modernization to thrive and differentiate in a challenging market Provide strategies to accelerate value creation across the core IT landscape Present a business case for claims systems modernization with low-code PaaS integration into a modern core Analyze an approach based on Objectives and Key Results (OKRs) Membership(s) Insurance Information Technology Outsourcing Excellence

In recent years, insurance enterprises have pursued modernization initiatives to enhance the experience for both customers and stakeholders. However, the significant surge in costs and unprecedented underwriting losses in these challenging times have intensified the need for an agile, scalable approach to modernization. Leading insurance organizations seek support to manage the technology environment, address talent shortage, and respond to changing market dynamics. They strive to quickly realize value from existing investments with minimal complexity in integration or application development. Insurers are increasingly relying on low-code technology to rapidly develop applications, integrate systems, and meet time-to-market needs. Low-code solutions offer insurers out-of-the-box integrations with their existing technology stack, enabling rapid value realization from digitization investments and eliminating the need for extensive transformation efforts. In this report, we assess 21 low-code technology providers featured on the Low-code Technology Providers in Insurance – Products PEAK Matrix® Each profile offers a comprehensive picture of the provider’s product capability overview, delivery presence, solutions on offer, investments, partnerships, and market success. The report will help buyers select the right-fit provider for their needs, while providers will be able to benchmark themselves against each other. Scope Industry: insurance Geography:global The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading low-code technology providers, client reference checks, and an ongoing analysis of the low-code solutions market Contents In this report, Everest Group analyzes 21 low-code technology providers’ capabilities to serve insurance enterprises on its proprietary PEAK Matrix® assessment framework. Membership(s) Insurance Information Technology Sourcing and Vendor Management

In recent years, insurance enterprises have embarked on a modernization spree to improve the experience for both customers and stakeholders. However, the significant surge in costs and unprecedented underwriting losses in these challenging times have intensified the need for an agile, scalable approach to modernization. Leading insurance organizations seek support to manage the technology environment, address talent shortage, and respond to changing market dynamics. They aim to realize value from existing investments quickly and with minimal complexity in integration or application development. Insurers are increasingly relying on low-code technology for rapid application development, integration, and meeting time-to-market needs. Low-code solutions offer insurers with out-of-the-box integrations with their existing technology stack, enable rapid value realization from digitization investments, and eliminate the need for extensive transformation efforts. In this research, we assess 21 low-code technology providers featured on the Low-code Technology Providers in Insurance – Products PEAK Matrix®. The research will help buyers select the right-fit provider for their needs, while providers will be able to benchmark themselves against each other. Scope Industry: Insurance Geography: Global The assessment is based on Everest Group’s annual RFI process for calendar year 2023, interactions with leading low-code technology providers, client reference checks, and an ongoing analysis of the low-code solutions market Contents In this report, Everest Group analyzes 21 low-code technology providers’ capabilities to serve insurance enterprises on its proprietary PEAK Matrix® assessment framework. Membership(s) Insurance Information Technology Sourcing and Vendor Management

The insurance industry has been relatively slow to adopt digital measures due to regulatory constraints and product complexities. However, carriers are actively embracing change to become risk mitigators. With an exponential rise in claims costs and unprecedented underwriting losses, the need for value maximization, resource optimization, agility, and scalability has become urgent. In the past, insurers embraced cloud technology, recognizing its potential to strategize and build new business models resilient to an unpredictable future. As insurers embark on their next growth phase, industry cloud is expected to drive spending to future-proof technology, monetize data to generate alternate revenue streams, and rethink value delivery to end customers. In this report, we assess 35 IT service providers for their cloud services capabilities featured in the Cloud Services in Insurance PEAK Matrix® Assessment 2023. The assessment is based on Everest Group’s annual RFI process for calendar year 2023, interactions with leading cloud services providers, client reference checks, and an ongoing analysis of the cloud services market. Each profile offers a comprehensive picture of each provider through a snapshot of its operational overview, delivery presence, solutions on offer, investments, and market success. Scope Industry: insurance Geography: global The assessment is based on Everest Group’s annual RFI process for calendar year 2023, interactions with leading cloud services providers, client reference checks, and an ongoing analysis of the cloud services market Contents In this report, we provide: A summary dashboard – market impact and vision and capability assessment Providers’ key strengths and limitations A general overview of providers’ cloud services in insurance business – vision, scope of services offered, and adoption across enterprise segments, lines of business, and geographies Key cloud services case studies for insurers An overview of providers’ cloud services investments, key solutions, and partnerships Membership(s) Insurance Information Technology Sourcing and Vendor Management