Rapidly aging population, persistent economic volatility, and rising personalization and digital transformation expectations are revolutionizing the North American annuities industry. Amid record-high annuity sales and regulatory momentum, enterprises are investing heavily in modernization, customer engagement, and strategic technology adoption to stay competitive. This report offers a comprehensive view of the evolving annuity market landscape through 2027, grounded in macroeconomic trends, product design shifts, and emerging digital capabilities. We explore how demographic forces such as Peak 65 and increased pension risk transfer activity are driving long-term growth while intensifying the need for innovation and scale. With increasing product complexities, the demand for modular platforms, data integration, AI-driven personalization, and embedded annuity solutions is rising. The convergence of annuities with retirement plans and wealth management platforms is blurring traditional boundaries, ushering in a new era of embedded, outcome-based offerings tailored to diverse personas. This report provides strategic insights into how carriers are modernizing their operations, digitizing distribution, and aligning IT investments with measurable business outcomes. It also highlights how private equity-backed players, advisory channels, and technology providers are reshaping the competitive landscape with flexible platforms and intelligent servicing models.

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

Voluntary benefits and supplemental health providers are under increasing pressure to modernize their legacy administration systems in order to meet evolving market demands, navigate growing regulatory complexities, and keep pace with rising consumer expectations. Many of the traditional platforms still in use today lack the agility, scalability, and interoperability required to support rapid product deployment, seamless system integration, and enhanced digital experiences for both employers and end users. This report evaluates Vitech’s newly introduced solution, V3locity Express, a purpose-built supplemental health administration platform designed to directly address these modernization challenges. A cloud-native offering, it is engineered for accelerated deployment, aiming to bring implementation timelines down to less than six months. It supports a broad range of supplemental health products, including accident, critical illness, and hospital indemnity insurance, with the goal of improving time-to-market, operational efficiency, and digital readiness. By examining the platform’s core capabilities, architecture, and alignment with ongoing trends in the benefits administration space, this report aims to provide a strategic view into how insurers can harness modern technologies to transform their supplemental health and voluntary benefits operations, deliver stronger customer experiences, and stay competitive in a dynamic and highly regulated market.

Voluntary benefits and supplemental health providers are under increasing pressure to modernize their legacy administration systems in order to meet evolving market demands, navigate growing regulatory complexities, and keep pace with rising consumer expectations. Many of the traditional platforms still in use today lack the agility, scalability, and interoperability required to support rapid product deployment, seamless system integration, and enhanced digital experiences for both employers and end users. This report evaluates Vitech’s newly introduced solution, V3locity Express, a purpose-built supplemental health administration platform designed to directly address these modernization challenges. A cloud-native offering, it is engineered for accelerated deployment, aiming to bring implementation timelines down to less than six months. It supports a broad range of supplemental health products, including accident, critical illness, and hospital indemnity insurance, with the goal of improving time-to-market, operational efficiency, and digital readiness. By examining the platform's core capabilities, architecture, and alignment with ongoing trends in the benefits administration space, this report aims to provide a strategic view into how insurers can harness modern technologies to transform their supplemental health and voluntary benefits operations, deliver stronger customer experiences, and stay competitive in a dynamic and highly regulated market. Scope Industry: life and annuity insurance Geography: US Contents In this report, we examine: Key enterprise issues and objectives in life insurance and voluntary benefits, specifically within the supplemental health technology landscape Vitech’s current positioning relative to enterprise technology adoption drivers and inhibitors The launch of V3locity Express, Vitech’s offering tailored to the supplemental health market

Increasing demand for integrated benefits platforms, rising employer expectations, and a heightened focus on operational efficiency are rapidly transforming the North American Life and Annuity (L&A) insurance industry. As insurers modernize their core legacy systems, cloud-native Policy Administration Systems, AI-driven automation, and low-/no-code development platforms have become essential business transformation enablers. To support evolving workplace benefits models, platform providers are delivering API-driven, SaaS-based ecosystems with embedded compliance, modular integration, and real-time analytics. Simultaneously, the rise of voluntary benefits and supplemental health products is driving insurers and niche insurance providers to introduce differentiated offerings tailored to diverse workforce needs, further intensifying the demand for flexible, configurable solutions. Several providers are also leveraging TPA and hybrid SaaS models to offer seamless claims processing, provider administration, and multi-line support. This report comprehensively assesses 15 leading core technology providers featured on Everest Group’s Group Life Insurance and Benefits Core Technology Products PEAK Matrix® Assessment 2025. Based on our annual RFI process, client feedback, and ongoing market research, it evaluates leading providers’ capabilities in enabling digital-first insurance operations. The assessment focuses on their abilities to deliver scalable cloud architectures, AI-powered solutions, stakeholder experience initiatives, and seamless integration across the insurance technology ecosystem. Scope Industry: L&A insurance Geography: North America Contents In this report, we assess: 15 group life insurance and benefits insurance core technology providers on Everest Group’s Group Life Insurance and Benefits Core Technology Products PEAK Matrix® Assessment 2025: North America Leaders’, Major Contenders’, and Aspirants’ characteristics Providers’ offerings, along with their visions, product capabilities, adoption characteristics across geographies, case studies, partnerships, and investments North America’s group life insurance and benefits core technology provider market’s market size, growth drivers, investment themes, and future outlook Enterprises’ priorities and demand themes

The North American Life and Annuity (L&A) insurance industry is rapidly transforming, driven by evolving customer expectations, rising competitive pressures, and the growing need for operational agility. As insurers look to modernize their core legacy systems, cloud-native Policy Administration Systems (PAS), AI-driven automation, and low-/no-code development platforms are essential to business transformation. As insurers focus on delivering hyper-personalized products, improving risk assessment accuracy, and accelerating time-to-market, platform providers are offering API-driven, SaaS-based solutions with built-in regulatory compliance, third-party integration, and advanced analytics. Many are also adopting hybrid TPA and SaaS models to deliver end-to-end operational support and next-generation servicing capabilities. This report comprehensively assesses 14 leading core technology providers featured on Everest Group’s Individual Life Insurance Core Technology Products PEAK Matrix® Assessment 2025. Based on our annual RFI process, client feedback, and ongoing market research, this report evaluates leading providers’ capabilities in enabling digital-first insurance operations. The assessment focuses on their abilities to deliver scalable cloud architectures, AI-powered solutions, stakeholder experience initiatives, and seamless integration across the insurance technology ecosystem. Scope Industry: L&A insurance Geography: North America Contents In this report, we assess: 14 individual life insurance core technology product/solution providers on Everest Group’s Individual Life Insurance Core Technology Products PEAK Matrix® Assessment 2025: North America Leaders’, Major Contenders’, and Aspirants’ characteristics Providers’ offerings, along with their vision, product capabilities, adoption characteristics across geographies, case studies, partnerships, and investments North America’s individual life insurance core technology/solution provider market’s market size, growth drivers, investment themes, and future outlook Enterprises’ priorities and demand themes

The retirement and pension industry is grappling with legacy systems, shifting demographics, regulatory complexities, and gaps between product offerings and participant behaviors. This Viewpoint analyzes how AI-driven solutions can revolutionize retirement planning by personalizing participant experiences, optimizing operations, and addressing persistent industry challenges. AI technologies, including generative AI and advanced large language models (LLMs), hold the potential to significantly enhance participant engagement and streamline operations across the value chain. By automating labor-intensive processes, personalizing investment strategies, and proactively addressing compliance requirements, AI can save the US retirement and pension industry approximately US$16-20 billion in operational costs. This study emphasizes practical approaches and key considerations to effectively and responsibly implement AI, ensuring enhanced transparency, ethicality, and regulatory alignment. Scope Industry: retirement and pension Geography: North America Contents In this Viewpoint, we examine: AI’s potential to close retirement readiness gaps and enhance participant engagement Legacy recordkeeping systems’ modernization through AI and cloud technologies Projected cost savings and efficiency gains from AI implementation across the retirement value chain Business case and RoI considerations for midsize retirement recordkeepers Strategic insights and recommendations for successful AI adoption, including overcoming transparency, bias, compliance, and data security challenges Memberships Insurance Information Technology Sourcing and Vendor Management

The insurance industry is at a juncture where existing cloud investments are failing to deliver the anticipated value. Despite substantial efforts, many insurers struggle to leverage cloud technologies to meet evolving business demands, creating a gap between investments and measurable outcomes. This challenge has prompted a shift in focus: insurers are no longer content with incremental improvements but are instead seeking solutions that enable them to achieve key business outcomes, such as enhanced customer experiences, streamlined operations, and sustainable growth. Insurance industry cloud solutions combine the flexibility of general-purpose cloud platforms with the deep domain expertise required to address the insurance sector’s unique challenges. By tailoring solutions to specific needs, industry cloud-based solutions empower insurers to overcome traditional cloud model-based solutions’ limitations and unlock greater value. The report highlights how these solutions are particularly well-suited to bridge the value realization gap, offering insurers a path to align their technology investments with their strategic objectives. This report is a comprehensive guide for insurers and providers looking to implement industry cloud solutions. It introduces a structured roadmap to align industry cloud deployments with Objectives and Key Results (OKRs) tailored to various business verticals within an insurance enterprise. By focusing on OKR-driven implementation, insurers can ensure that their cloud strategies align with organizational goals and are positioned for long-term success. The report provides a blueprint for providers to support insurers in maximizing cloud value realization. It emphasizes the importance of collaboration, customization, and continuous alignment with business outcomes to ensure sustained impact. Scope Industry: insurance Geography: global Contents In this report, we: Examine the pain points for insurance carriers in their cloud adoption journey Present our research derived from recent case studies and deals’ data to evaluate changing enterprise priorities Present a case for specialized industry cloud solutions to help bridge the unmet needs of insurance carriers Identify a potential roadmap to drive success across industry cloud implementation engagements Membership(s) Insurance Information Technology Sourcing and Vendor Management

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