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

As the global Life and Annuities (L&A) insurance market rebounds from the pandemic’s impact, it faces a significant new challenge: uncertain macro-economic conditions that are exerting cost pressures on insurance carriers. In this context, insurers are prioritizing cost reduction by limiting discretionary spending to save expenses, while remaining committed to their digital transformation efforts, recognizing the long-term advantages thereof. Given this situation, insurers are anticipating outsourcing to become a favored strategy for mitigating costs. Providers are also enhancing their capabilities to position themselves more effectively for larger contracts, aligning with insurers’ transformative initiatives. As insurers face rising demand for assistance in areas such as actuarial transformation, streamlined underwriting, and new product launches due to evolving customer preferences and legacy issues, providers are proactively investing in these growth areas to distinguish themselves in the market and maintain a competitive edge. Life and Annuities (L&A) Insurance Business Process Services (BPS) / Third Party Administrator (TPA)   Service Provider Compendium 2023 provides accurate, comprehensive, and fact-based snapshots of 23 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, and specifies the provider’s position on Everest Group’s PEAK Matrix® framework. 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 23 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 Detailed assessment of L&A insurance capabilities: market success, delivery capability assessment, and remarks on each provider’s strengths and limitations   Membership(s) Insurance Business Process Sourcing and Vendor Management

The global Life and Annuities (L&A) insurance industry has recovered from the pandemic, but it now faces macroeconomic uncertainties. Going forward, insurers will prioritize cost reduction and may cut back on discretionary spending to save costs. However, they are likely to continue their digital transformation initiatives because of the long-term benefits they offer in terms of process improvements and efficiency gains. Given the situation, insurers are expected to use outsourcing as a popular cost mitigation strategy, which provides ample growth opportunities for providers. In fact, providers are developing end-to-end capabilities to advance themselves for larger deals as insurers pursue more enterprise-wide transformation. Additionally, insurers face challenges such as evolving customer preferences, product innovation, and legacy systems, which increase the demand for support in areas such as actuarial transformation, underwriting streamlining, and new product launch capabilities. Providers are increasingly investing in these growth areas to differentiate themselves in the market and stay ahead of the competition. In this report, we assess 23 L&A insurance Business Process Services (BPS) 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 Third-party Administrator (TPA) services market and its provider landscape. The study will assist key stakeholders, such as insurance enterprises, service providers, and technology providers, understand the current state of the L&A insurance BPS/TPA market. Scope Industry: L&A insurance BPS/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 (F&A), Human Resources (HR), procurement, and contact center Contents This report features 23 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

Insurers have been leveraging Third Party Administration (TPA) providers to service the complete Life and Annuities ( L&A) insurance value chain. TPA providers have traditionally managed policy administration of the run-off blocks that were discontinued by insurers and offloaded to such providers to cut down on capital costs. Today, TPAs manage processes such as claims processing, premium collection, intermediary management, and regulatory support, in addition to policy servicing and reporting. In fact, the insurer-TPA relationship has evolved substantially. In this report, we look at a modern TPA engagement model, which provides value above and beyond existing process coverage. Forward-looking TPA relationships extensively harness internal and external data and have cutting-edge technology solutions with talented personnel at their core to deliver desired capabilities. Modern TPAs are valuable partners for insurers to deliver on demands from millennial customers. Scope Industry: L&A insurance, life insurance, annuities, retirement, pension Geography: global Service: L&A insurance TPA Contents In this study, we: Describe the traditional insurer-TPA partnership model and discuss the shift in TPAs’ leverage across products and processes Understand the evolving TPA engagement model and the attributes of a transformative TPA partner Analyze a forward-looking TPA-insurer partnership through a case study Identify demand themes across different product segments Deep dive into all product lines within L&A insurance to discuss how insurers are leveraging TPAs for each product segment 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

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

Third-party Administrators (TPAs) have always been closely involved with the insurance industry due to the pseudo-insurer role they play across the value chain and for almost all product lines. Now, with winds of transformation sweeping across the insurance industry, especially the Property & Casualty (P&C) segment, TPAs must adapt themselves to provide better business outcomes from their services. More importantly, as the TPA industry endeavors to grow through expansions in new geographies, value chain segments, client types, and product lines, it needs to align its services and operating models with changes in demand patterns. While some large TPAs are building requisite capabilities –in talent, technologies, and data – to address the need, most of the industry lags far behind. In this research, we examine the global TPA market, particularly the P&C and workers’ compensation insurance segments, including changes in client demand patterns and delivery requirements from TPAs, and the role and adoption of digital levers. The study will assist TPAs, self-insured employers and their risk managers, insurers, IT/BPO service providers, and other industry participants in future-proofing their service delivery strategies. Contents This report attempts to answer the following key questions: What are the growth opportunities and challenges in the market, and their consequent impact on TPAs’ strategic objectives/needs? Which digital levers are critical to enable TPAs to address their needs/objectives and how? As TPAs begin to embrace digital transformation, what are the key considerations to ensure successful outcomes? Membership(s)Insurance - Business Process Outsourcing (BPO)

With low margins and scarce opportunities for organic growth, TPA marketplace has started to adopt requisite measures for becoming more profitable. While some are building specialist, high margin capabilities such as medical and care management and risk management, others are investing in technology both in-house and through acquisition of InsurTechs. Additionally, some of the larger TPAs have started to expand aggressively in some of the more untapped markets such as Asia Pacific and Latin America. Regardless of each TPA’s strategy to drive profitability, underlying judgment-intensive capabilities, domain expertise, and localized presence continue to remain relevant for the market. In this hyper competitive and extremely fragmented market, especially in the US, an optimized combination of relevant talent and technology is now more important than ever. Scope and Methodology In this research, we analyze the global non-life insurance TPA landscape. We focus on: Relative positioning of 16 TPAs on Everest Group’s PEAK Matrix for non-life insurance TPA services Non-life insurance TPAs’ market success Non-life insurance TPAs’ capability assessment across key dimensions Key strengths and areas of improvement for non-life insurance TPAs Content This report examines the global non-life insurance TPA market and its service provider landscape. It provides detailed analysis of the capabilities and market impact of non-life insurance TPAs and their relative position on the Everest Group PEAK Matrix. It will assist key stakeholders (insurers, TPAs, and technology providers) understand the current state of the non-life insurance TPA landscape. Non-life insurance TPA PEAK Matrix 2019 positioning is as follows: Leaders: Charles Taylor, Crawford, Gallagher Basset, and Sedgwick Major Contenders: Capgemini, Cognizant, CoreSource, DXC Technology, Genpact, HealthSmart, PMA companies, WNS, and Zenith American Aspirants: Acclamation Insurance Management Services (AIMS), AdminSure, and Athens Administrators are Aspirants on the PEAK Matrix for non-life insurance TPA services Market share assessment of 16 TPAs by Revenue Geography (signing region) Lines of businesses (P&C insurance, workers’ compensation, and health insurance) Network & care management and claims processing Everest Group’s assessment and remarks for 16 non-life insurance TPAs Membership (s) Insurance - Business Process Outsourcing (BPO)