Competition in the Property and Casualty (P&C) insurance sector is intensifying, as new entrants, evolving customer expectations, technological innovations, and growing popularity of intermediated distribution networks threaten to disrupt established business models. Although the traditional insurance business model has stayed resilient for a long time, digital transformation has certainly evolved from being a futuristic concept to becoming the top priority for senior leadership’s strategic mandate. As the global connected ecosystem evolves, it has become critical for insurers to reimagine their growth strategy and focus on delivering customer value at every touch point.

To help insurers embark on their digital transformation journey, IT service providers are pivoting their offerings around next-generation technologies, investing aggressively in their front-office support capabilities, as well as investing in strategic alliances with leading product/platform providers to strengthen their value proposition. As insurers evolve their product development ideology from a “one-size-fits-all” approach to an “on-demand hyper-personalized” approach, service providers that can articulate definite business outcomes on digital spend, ensure predictability, and help buyers evaluate the right-fit product distribution needs, will witness superior success in the sector.

In this research, we analyze the digital services capabilities of 21 leading service providers, specific to the global P&C insurance sector. These providers were mapped on the Everest Group PEAK Matrix, which is a composite index of a range of distinct metrics related to each provider’s vision & capability and market impact. In this report, we focus on:

• Market update for digital services in the P&C insurance sector
• The landscape of service providers for providing digital services to P&C insurance enterprises
• Assessment of the service providers on a number of capability-related dimensions
• Best-in-class examples of engagements that leading service providers have fulfilled for P&C insurers, for multiple digital technology stacks
• Profiles of all 21 services providers assessed as part of this evaluation

Scope of Analysis

• Market trends and activity in the P&C insurance sector
• Digital services in P&C insurance PEAK MatrixTM characteristics
  • Vision and capability
  • Market impact
• Service provider characteristics

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

Membership(s)

Banking, Financial Services & Insurance (BFSI) - Information Technology Outsourcing (ITO)