IT Outsourcing in Global Insurance – Service Provider Landscape with PEAK Matrix™ Assessment 2015: Driving Differentiation through Digital

11 Nov 2015
by Aaditya Jain, Archit Mishra, Jimit Arora, Ronak Doshi

$2,999.00

Introduction

The insurance industry is grappling with increasing customer expectations, eroding margins & downward pricing pressure, an uncertain economy, and increasing regulatory requirements. To address these challenges, insurance firms are investing in technology solutions and adopting disruptive business models to enhance customer experience, contain cost, improve profitability, and avoid penalties. Both insurers and service providers are investing in mobile workforce enablement, advanced analytics, cybersecurity solutions, risk & compliance management solutions, automation, cloud & open-source technologies, Internet of Things (IoT), and social media, with a renewed focus on product differentiation, cost optimization, security, and compliance.

As the insurance industry is evolving with new business priorities, IT service providers are looking to capitalize on the opportunity by tailoring their offerings with next-generation technologies, developing in-house solution frameworks/accelerators, collaborating with buyers to invest in innovation, setting up labs & CoEs to demonstrate and evaluate proof-of-concepts, as well as forming alliances with leading insurance-specific product and platform vendors.

In this research, we analyze the service provider landscape for large, multi-year application outsourcing relationships in the global insurance sector. We have assessed 21 insurance AO service providers for their capabilities in providing these services globally. These providers were mapped on the Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix, which is a composite index of a range of distinct metrics related to each provider’s capability and market success. In this report, we focus on:

  • The landscape of service providers for insurance AO
  • Assessment of the service providers on a number of capability-related dimensions
  • Characteristics of Leaders, Major Contenders, and Aspirants on the Everest Group insurance AO PEAK Matrix
  • “Star Performers” of 2015, providers with the strongest forward movement over time – in terms of both market success and capability advancements
  • Implications for insurance buyers and service providers

PEAK

SCOPE OF THE ANALYSIS

  • Market trends and activity for large AO relationships in insurance firms
  • Insurance AO PEAK Matrix characteristics

scale Insurance

CONTENT

This report analyzes IT applications outsourcing in the global insurance subvertical with a focus on large (TCV>US$25 million), annuity-based, multi-year (over three years) relationships. The analysis includes:

  • Insurance trends and its implications for key stakeholders
  • Everest Group Performance Experience Ability Knowledge (PEAK) Matrix for insurance AO
  • “Star Performers” on the 2015 insurance AO PEAK Matrix
  • Insurance AO PEAK Matrix characteristics :
    • Market share and scale
    • Scope characteristics
    • Domain investments
    • Delivery footprint
    • Market activity
    • Buyer satisfaction

Everest Group has a complimentary four-page PEAK Matrix preview document for this service provider landscape report.

 

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