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

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 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 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