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 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

The US retirement industry is globally prominent but has progressed slowly in digitalization due to access limitations, inadequate participant savings , lack of holistic wellness experiences, and a volatile market environment. Legacy systems further complicate matters, causing fragmented data sources, reporting challenges, and inconsistent user experiences. Given these challenges, retirement firms must accelerate their digital transformation to improve participant and sponsor experiences. This paper highlights key areas within the retirement value chain where digital maturity sets leading enterprises apart, driving significant business outcomes. It also analyzes digital maturity across value chain elements and compares different recordkeeping models. In this viewpoint we emphasize that retirement enterprises must modernize their technology landscapes, integrate data and intelligence, and invest in modern architectures to become future-ready digital leaders. We developed a framework to assess the digital maturity of the top 12 US retirement firms across the value chain. Our evaluation focused on their investments in actuarial and regulatory reporting, new business management, recordkeeping, and customer service, and investment management. We also analyzed publicly available investments from the past two years in digital workflows, self-service tools, omnichannel portals, mobile applications, data, cloud readiness, and advisor-focused solutions. Furthermore, the Viewpoint examines third-party technology providers’ role in progressive modernization and how a retirement enterprise can augment them to obtain superior process outcomes. It also highlights the importance of progressive modernization and defines a roadmap for implementation. Scope Industry: retirement and pension Geography: North America Contents In this viewpoint, we: Identify challenges within the US retirement and pension industry Evaluate top US retirement service providers’ digital maturity using a specific framework Identify the differentiators for digitally mature firms Compare various recordkeeping models Emphasize the importance of progressive modernization and define a roadmap for implementation Underline the importance of third-party product ecosystems and provide enterprise use cases that leverage them Membership(s) Insurance Information Technology Sourcing and Vendor Management

The Life and Annuity (L&A) insurance industry is rapidly transforming, driven by technology advances and evolving customer expectations. As insurers face challenges with legacy systems, regulatory changes, and market dynamics, IT service providers become crucial allies in navigating associated complexities. To accelerate digital transformation, L&A insurers need support to create data-driven workflows, deliver seamless digital experiences, and achieve faster time-to-market. Previously, insurers focused on cloud migration projects, process automation, and reducing data silos. The recent economic climate has shifted their priorities toward quick wins and long-term growth. This shift emphasizes business outcomes such as empowered intermediaries, enhanced customer experiences, omnichannel interactions, and expanded voluntary benefits for group life insurance. In response, IT service providers are developing in-house solutions and collaborating with technology providers and InsurTechs worldwide. Further, they are integrating AI and gen AI solutions in their core offerings. This report assesses 24 leading IT service providers featured in the L&A Insurance IT Services PEAK Matrix® Assessment 2024. Based on Everest Group's annual RFI process, client references, and ongoing market analysis, this report evaluates these providers and their capabilities in meeting the L&A insurance industry’s evolving needs. Scope Industry: L&A insurance Geography: global Contents In this report, we: Assess 24 IT service providers on Everest Group’s L&A Insurance IT Services PEAK Matrix® Examine the Leaders’, Major Contenders’, and Aspirants’ characteristics Evaluate the IT service providers’ offerings, along with their vision, product capabilities, adoption characteristics across geographies, case studies, partnerships, and investments Discuss the global L&A IT service market’s market size, growth drivers, investment themes, and future outlook Identify enterprise priorities and demand themes Membership(s) Insurance Information Technology Sourcing and Vendor Management

In 2023, insurance companies improved profitability through rate hikes, better underwriting, higher investment returns, and reduced systemic risk. However, the industry faces a significant challenge: over the past two decades, nominal GDP growth has outpaced premium growth. To address this challenge, insurers must innovate to meet individuals’ personalized needs and position life insurance as a lifestyle product. The COVID-19 pandemic has increased consumer awareness of life insurance, leading to steady growth in the US Life and Annuities (L&A) industry, driven primarily by individual annuities. The traditional L&A model, which relies on third-party distributors such as independent advisors, brokers/dealers, and banks needs to address key growth drivers to capitalize on this trend. In this report, we analyze trends and outlooks in the L&A industry across various lines of business while exploring the emerging era of personalization, where life insurance is evolving into a lifestyle product. We examine how the industry can develop wellness products that integrate wealth management, retirement planning, healthcare, and insurance. We also discuss the role of leveraging third-party tech ecosystems, data platforms, and AI in this transformation. Additionally, we analyze trends in the global retirement and pension industry and the insurance IT services market, providing insights, growth outlook, and implications for providers. Scope Industry: Insurance Geography: global Contents In this report, we Analyze insurance IT services market trends, growth outlook, and global sourcing patterns, highlighting implications for providers Identify opportunities and risks insurers face in a challenging market environment Explore how third-party technology providers, data platforms, and AI contribute to developing holistic life insurance, wealth management, and retirement products Identify the trends in the retirement and pensions markets of North America, Australia, and UK&I, and explore upcoming IT modernization opportunities in these regions Membership(s) Insurance Information Technology Insurance Technology (InsurTech) Sourcing and Vendor Management

In 2022, the Life and Annuity (L&A) insurance segment continued to grow steadily, primarily driven by the increased demand for annuity products. However, the economic slowdown and persistent high inflation are likely to impact insurance sales. Insurers are prioritizing cost optimization in response to recessionary pressures while simultaneously investing in technology to enhance operational efficiency. Amid this scenario, insurers are increasingly turning to outsourcing as a popular cost mitigation strategy, providing ample opportunities for providers. These providers are strategically targeting growth areas to secure large deals in the market. In this research, we provide a comprehensive overview of the L&A insurance Business Process Services (BPS) market across various dimensions. The report also provides a detailed analysis of L&A insurers’ key focus areas, strategic investments, BPS adoption trends, and deal value and characteristics. The study will assist key stakeholders, including insurance enterprises, service providers, and technology providers, to understand the current state of the L&A insurance BPS market. Scope Industry: L&A insurance Geography: global Services: L&A insurance BPS The analysis is based on Everest Group’s annual RFI process, interactions with leading L&A insurance business process service providers and buyers, and our ongoing coverage of the L&A insurance and services market Contents In this report, we examine: Key trends in the L&A insurance industry Adoption trends in the L&A insurance BPS market Characteristics of L&A insurance BPS deals Evolution of BPS relationships 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

Life and Annuities (L&A) insurers are partnering with providers to improve their digital transformation journeys and meet customer expectations by enabling accelerated underwriting, improved sales and distribution, and faster new products’ launch. Moreover, macro challenges such as rising inflation and demographic and life expectancy changes are compelling carriers to modernize their legacy technology stack and future-proof their businesses to achieve their cost reduction mandates. In recent years, insurance carriers have been leveraging emerging technologies such as RPA, AI/ML, and IoT/wearables to achieve business-oriented outcomes and improve customer and agent experiences. This compendium provides detailed profiles of 21 Application and Digital Services (ADS) providers and positions them on Everest Group’s ADS in L&A Insurance PEAK Matrix® Assessment 2023. The compendium will enable ADS providers to benchmark their capabilities against their peers, while buyers will be able to assess the providers based on their sourcing needs. Scope: Industry: insurance Geography: global Contents In this report, we: Examine 21 ADS providers’ offerings, along with their vision, revenue mix across geographies, key case studies, partnerships, and investments Discuss client success stories and address the business challenges faced, services delivered, and impact generated Study the providers’ domain investments, key Intellectual Property (IP) / solutions, and key partnerships List providers’ key strengths and limitations  Membership(s) Insurance Information Technology Sourcing and Vendor Management