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  • State of the Market

    June 11, 2025
    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
  • Viewpoint

    May 12, 2025
    Reinsurers today face mounting pressures – from increasingly severe catastrophes and regulatory demands to legacy systems that impede speed and accuracy. Traditional systems of record and engagement are no longer sufficient, as they merely store and display data without enabling action. Insurance core technology and surround systems often plateau at generating dashboards that still depend on someone to act. Reinsurance enterprises today have no shortage of insights but a scarcity of human and AI agents and a system capable of executing on them. SoA fill this gap by ingesting data, applying AI-driven analytics, and autonomously initiating decisions across the value chain. The report outlines how SoA can fundamentally reshape core reinsurance functions such as catastrophe modeling, underwriting, contract administration, technical accounting, and claims management. By embedding SoA, reinsurers can move from manual, reactive processes to intelligent, real-time operations. Benefits include faster decision-making, reduced costs, improved claims accuracy, and enhanced risk responsiveness. In addition to outlining technology and operational changes, the report emphasizes the strategic role of CIOs and COOs in driving SoA adoption. It urges leadership to align stakeholders around business outcomes, invest in data readiness, manage organizational change, and maintain a focus on measurable value. A future-state reinsurer enabled by SoA is envisioned as agile, intelligent, and resilient; capable of adapting instantly to risk events and market shifts. Everest Group concludes that embracing SoA is no longer optional; it is a strategic imperative for reinsurers looking to lead in an increasingly complex and competitive environment. Scope Industry: reinsurance Geography: global Contents In this report, we discuss: What SoA are Functional transformation through SoA within reinsurance Implementation roadmap for SoA within reinsurance Strategic considerations for CIOs and COOs
  • Provider Compendium

    Feb. 28, 2025
    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
  • PEAK Matrix®

    Feb. 04, 2025
    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
  • State of the Market

    Dec. 27, 2024
    The impact sourcing ecosystem is rapidly expanding due to the growing interest in sustainable and socially responsible business practices. Enterprises and providers are increasingly incorporating diverse and underserved talent into their operations due to cost efficiency, access to specialized talent, and alignment with ESG and SDG objectives. Traditional providers dominate hiring volumes, while specialists see steady growth in revenue and headcount as they refine talent initiatives and partner with NGOs and educational institutions. Buyers recognize the dual value of cost benefits and corporate citizenship, advocating for more robust reporting and impact sourcing policies’ disclosure. In response, providers are investing in enhanced training programs, certifications, and technology upskilling, enabling impact workers to transition to more complex, higher-value roles. Despite generative AI’s disruptive potential concerns, agentic AI emerges as a promising tool to empower the impact workforce. Key market trends include the CXM industry’s increasing contribution to impact sourcing revenue, growing adoption of impact workers in MEA and APAC regions, and alignment with regulatory frameworks promoting fair labor practices. Governments support impact sourcing through incentives and regulations, while providers adopt inclusive hiring strategies and offer tailored employee support to complement workforce diversity and drive social impact. In this report, we explore macroeconomic drivers, buyer feedback, and generative AI’s influence on the impact sourcing space. Africa stands poised to lead the global impact sourcing growth, showing this approach’s transformative potential in fostering a purpose-driven and sustainable business landscape. The report aims to enable enterprises and providers to incorporate impact sourcing and other inclusive talent management strategies in their organizations. Scope Broad industry with a focus on impact sourcing talent strategy Geography: global Impact sourcing programs of both impact sourcing specialists and traditional service providers This report is based on primary and secondary data collection, conversations with market participants (buyers, outsourcing service providers, and impact sourcing specialists), and fact-based research Contents In this report, we analyze: The concept of impact sourcing and the comprehensive impact sourcing market landscape, including market size, trends, and talent portfolio Impact sourcing’s talent management practices across the hire-to-retire cycle Buyers’ take on impact sourcing Impact sourcing engagement case studies Technology’s role on the impact sourcing market and the future of impact sourcing programs Memberships This Market Report is available to All Memberships
  • Thematic Report

    Feb. 23, 2024
    In today’s dynamic talent market, where competition is fierce, organizations must actively monitor key roles and skills, identifying both in-demand and emerging ones, allowing for strategic workforce planning. A higher demand may indicate more significant competition for talent or a higher probability of attrition in the near future. Thus, analyzing talent demand trends is vital for strategizing workforce requirements, predicting external competition, and understanding leading industries for talent acquisition. Everest Group’s half-yearly report offers insights into monthly IT services talent demand trends across India, highlighting top industries, roles, and skills based on H2 2023 demand. Leveraging data from our Talent Genius™ tool, the report provides a comprehensive analysis of the current talent market, empowering organizations to stay competitive, plan for future workforce needs, and make informed talent acquisition decisions. Scope Industry: IT services Geography: India Contents In this report, we analyze talent demand trends within the IT services sector in India on a national scale. Additionally, we provide detailed profiles of 15 major Tier-1 and Tier-2 cities, offering insights into talent demand trends, top industries, key roles, and essential skills in each location. Membership(s) This Market Report is available to All Memberships
  • Viewpoint

    Oct. 04, 2023
    Insurance enterprises grapple with economic hurdles, supply chain disruptions, reduction in discretionary incomes, demographics, and inflation, globally. At the same time, consumers are opting for personalized insurance, which is driving digital transformation with data and analytics for better customer experiences. Further, enterprises are pursuing efficient operations and tech with AI/ML for legacy data modernization. The industry is prioritizing risk mitigation over risk compensation, demanding resilience to weather economic swings. It is imperative for enterprises to remain vigilant and adapt to changes across market factors such as demographics, digitization, and debt, while also preparing for potential technological disruptions that may come as a surprise. In such a scenario, enterprises must consider outsourcing their business processes as achieving transformation across key processes in the value chain will require identifying efficient ways to improve the operating model at a lower cost over an extended period. In this viewpoint, we provide directional guidance to insurance enterprises on navigating the operations outsourcing landscape and evaluate key elements within it to investigate how they are changing to align with evolving needs of enterprises. Scope Industry: insurance Geography: global Service: insurance BPS Contents In this study, we: Describe key sourcing variables that may impact the operations of insurance enterprises Analyze strategic sourcing imperatives for insurance enterprises Assess difference between various sourcing models and their implication on enterprise priorities List key provider imperatives and offerings in the operations outsourcing market Membership(s) Insurance Business Process Sourcing and Vendor Management
  • Thematic Report

    Aug. 31, 2023
    In today’s rapidly evolving talent market, where competition is intense, organizations must actively monitor key roles and skills, identify both in-demand and emerging skills, and then prioritize them according to market demand. A higher demand or an increasing demand may indicate more significant competition for talent or a higher probability of attrition in the near future. Thus, analyzing talent demand trends is vital for organizations to strategize their workforce requirements, predict external competition, and gain insights into the leading industries from which to acquire necessary talent. Everest Group’s half-yearly report presents monthly IT services talent demand trends across India, with insights into top industries, roles, and skills based on the demand in H1 2023. The report is based on data gathered from Talent GeniusTM, our cutting-edge talent and location intelligence tool. By providing a comprehensive analysis of the current talent market, the report equips organizations with the insights required to stay competitive, plan for future workforce needs, and make well-informed talent acquisition decisions. Scope Industry: IT services Geography: India Contents In this report, we analyze talent demand trends for the IT services function in India at a national level and present detailed profiles of 15 major Tier-1 and Tier-2 cities, including a comprehensive understanding of talent demand trends, top industries, roles, and skills. Membership(s) Available under all membership areas
  • PEAK Matrix®

    May 02, 2023
    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
  • Thematic Report

    May 02, 2023
    In today’s rapidly evolving talent market, where competition is intense, organizations must keep a watchful eye on key roles and skills, identify both in-demand and emerging skills, and prioritize them based on market demand. A higher demand or increasing demand may signify a more significant competition for talent or a higher probability of attrition in the near future. Thus, analyzing talent demand trends is vital for organizations to plan their workforce requirements, anticipate external competition, and gain insights into the leading industries from which they can source the requisite talent. Everest Group’s half-yearly report presents monthly IT services talent demand trends across India, with insights into top industries, roles, and skills based on the demand in H2 2022. The report is based on data gathered from Talent Genius, our state-of-the-art talent and location intelligence tool. By providing a comprehensive analysis of the current talent market, the report equips organizations with the insights they need to stay competitive, plan for their future workforce needs, and make informed talent acquisition decisions. Scope Industry: IT services Geography: India Contents In this report, we analyze talent demand trends for the IT services function in India at a national level, along with detailed profiles of 15 major tier-1 and tier-2 cities, providing a comprehensive understanding of talent demand trends, top industries, roles, and skills. Membership(s) This Market Report is available to All Memberships