Enterprises in the insurance industry are reviewing their business strategies in the wake of uncertain macroeconomic conditions, destabilizing socio-political instances, and dynamic customer expectations. As they march against the industry headwinds, they are looking to improve operational efficiencies, better time-to-market, drive product differentiation, and stimulate margins & growth. To meet these imperatives, they are leveraging digital technologies and relying on troves of data at their disposal.

Service providers, on the other hand, are vigorously enhancing their solutions portfolio with targeted offerings that help to address specific challenges faced by enterprises. They are actively demonstrating the value of digital technologies and analytics techniques to enterprises to help them in their digital- and analytics-adoption journey. Service providers’ investments have ranged from focused IP development and expanding partnership ecosystem to setting up analytics-led Centers of Excellences (CoEs) and targeted acquisitions.

In this research, we analyze the capabilities of 17 leading IT service providers specific to big data and analytics services in the global insurance sector. 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:

• State of the analytics services market in insurance
• The landscape of service providers for big data and analytics in insurance
• Assessment of service providers on a number of capability-related dimensions
• Characteristics of Leaders, Major Contenders, and Aspirants on the Everest Group PEAK Matrix for analytics services in insurance
• Implications for insurance buyers and service providers

SCOPE OF THE ANALYSIS

• Market trends and activity
• PEAK Matrix characteristics
• Service provider profiles

CONTENT

This report assesses 17 leading technology service providers. The analysis includes:

• Trends in big data & analytics services in insurance and their implications for key stakeholders
• Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix for big data & analytics services in insurance
• Detailed one page profile of each service provider positioned on the PEAK Matrix

Membership(s)

Banking & Financial Services (BFS) - IT Services (ITS)