Cloud Services in Insurance – Provider Compendium 2023

The insurance industry has been relatively slow to adopt digital measures due to regulatory constraints and product complexities. However, carriers are actively embracing change to become risk mitigators. With an exponential rise in claims costs and unprecedented underwriting losses, the need for value maximization, resource optimization, agility, and scalability has become urgent.

In the past, insurers embraced cloud technology, recognizing its potential to strategize and build new business models resilient to an unpredictable future. As insurers embark on their next growth phase, industry cloud is expected to drive spending to future-proof technology, monetize data to generate alternate revenue streams, and rethink value delivery to end customers.

In this report, we assess 35 IT service providers for their cloud services capabilities featured in the Cloud Services in Insurance PEAK Matrix® Assessment 2023. The assessment is based on Everest Group’s annual RFI process for calendar year 2023, interactions with leading cloud services providers, client reference checks, and an ongoing analysis of the cloud services market. Each profile offers a comprehensive picture of each provider through a snapshot of its operational overview, delivery presence, solutions on offer, investments, and market success.

Scope

• Industry: insurance
• Geography: global
• The assessment is based on Everest Group’s annual RFI process for calendar year 2023, interactions with leading cloud services providers, client reference checks, and an ongoing analysis of the cloud services market

Contents

In this report, we provide:

• A summary dashboard – market impact and vision and capability assessment
• Providers’ key strengths and limitations
• A general overview of providers’ cloud services in insurance business – vision, scope of services offered, and adoption across enterprise segments, lines of business, and geographies
• Key cloud services case studies for insurers
• An overview of providers’ cloud services investments, key solutions, and partnerships

Membership(s)

Insurance Information Technology

Sourcing and Vendor Management