Life and Pensions Insurance BPO – Service Provider Landscape with PEAK Matrix™ Assessment 2016

24 Aug 2016
by Saurabh Verma, Skand Bhargava

Introduction

The global L&P insurance BPO market continues to show steady growth. It registered 7% growth in revenue in 2015, which is slightly higher than the growth in 2014. The market remains concentrated in North America and United Kingdom, which together account for more than 90% of the revenue. While the latter leads the market and accounts for nearly three-fifths of the global revenue, market growth is primarily being driven by North American buyers. Though Asia Pacific and Eastern Europe have been showing traction, these markets are yet to attain the size to drive market growth. Two of the leading service providers, Capita and TCS, continue to enjoy dominant market share by revenue despite strong growth by players such as CSC and SE2.

Customers’ expectations from their service providers are changing. Outsourcing is increasingly being viewed not only as a cost-saving opportunity but as a source of business transformation. The market is seeing an increasing emphasis on more complex and judgment-intensive work such as analytics, risk management, actuarial, and regulatory reporting. Robotic Process Automation (RPA) has raised the potential for cost savings and efficiency achievable with BPO, and is steadily gaining traction in the industry. This gives service providers the opportunity to deliver greater benefits to their clients and differentiate themselves from the competition. Innovation is also being seen in pricing, with traditional pricing models such as FTE-based and fixed-fee models being replaced by outcome-based pricing models.

These trends are expected to shape and drive the growth of this industry in the years to come.

Scope and Methodology

In this research, we analyze the global L&P insurance BPO service provider landscape. We focus on:

  • Relative positioning of 20 service providers on Everest Group’s PEAK Matrix for L&P insurance BPO
  • Service provider market success
  • Service provider capability assessment across key dimensions
  • Comments about service providers

Content

This report examines the global L&P insurance BPO market and its service provider landscape. It provides detailed analysis of the capabilities and market performance of service providers and their relative position on the Everest Group PEAK Matrix and will assist key stakeholders (insurance providers, service providers, and technology providers) understand the current state of the L&P insurance BPO service provider landscape.

  • L&P insurance BPO PEAK Matrix for 2016
    • Leaders: Cognizant, Concentrix, CSC, SE2, and TCS
    • Major Contenders: Accenture, Capgemini, Capita, Dell, EXL, Genpact, HCL, Infosys, Sutherland Global Services, WNS, and Xerox
    • Aspirants: Mphasis, NIIT Technologies, Intelenet, and Syntel
    • Cognizant, CSC, Genpact, and TCS are the “Star Performers” on the L&P insurance BPO Everest Group PEAK Matrix for 2016
  • Market share of 20 service providers by
    • Revenue
    • Number of clients
    • Geography (signing region)
    • Processes managed in P&C insurance
  • Revenue growth
  • Strengths and areas of improvement
 

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