Climate risk is now one of the most complex and immediate challenges facing the insurance industry. The increasing frequency and severity of climate-related events, evidenced by $328 billion in global economic losses in 2024 highlight the urgent need for insurers to strengthen resilience and reduce protection gaps. This viewpoint explores how insurers must transform their operating models, moving from reactive risk transfer to proactive protection. It presents a forward-looking strategy that integrates predictive risk modeling, AI-powered alerts, sensor-based monitoring, and cloud-native architecture to enhance agility and disaster preparedness. The viewpoint also emphasizes the importance of embedding climate intelligence into business decision making and technology infrastructure. By aligning business and IT through a value-stream-based operating model and responsible AI/data governance, insurers can build scalable, customer-centric solutions that anticipate, rather than react to, climate disruption. The viewpoint provides a practical framework to help insurers become strategic enablers of climate adaptation, fostering sustainable growth, regulatory alignment, and societal impact.

The global specialty insurance market is entering a phase of sustained structural growth, driven by rising risk complexity, climate volatility, and the need for tailored coverage solutions. As of 2025, the market is valued at US$273 billion and is projected to reach US$356 billion by 2027, underpinned by demand in fast-growing segments such as cyber, Directors and Officers (D&O), environmental liability, and intangible asset protection. This report provides a comprehensive analysis of the evolving specialty insurance landscape across multiple dimensions, including product innovation, underwriting sophistication, and digital reinvention. It highlights how insurers are deploying cloud-native platforms, AI-first underwriting engines, and real-time risk-scoring models to address emerging risk categories while meeting rising expectations for speed, precision, and compliance. In addition, the report examines global growth hotspots, structural catalysts, and high-activity areas for technology and service providers – from embedded micro-covers to algorithmic syndicates. It delivers actionable insights on how services and technology providers can capitalize on the convergence of systemic risk, regulatory momentum, and digital readiness to enable the next wave of specialty insurance transformation.

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.    

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