Life & Pensions (L&P) Insurance Digital Services PEAK Matrix™ 2019 – Leapfrogging the Digital Transformation Stage

21 Dec 2018
by Jimit Arora, Ronak Doshi, Aaditya Jain, Pranati Goswami, Supratim Nandi

The Life & Pensions (L&P) insurance sector is facing headwinds of change due to increase in complexity of insurance products, a falling interest rate environment, and the evolving nature of consumer demands. Investments in data and analytics, automation, cloud, and IoT are driving growth of digital technologies, helping insurers unlock value and reshaping enterprise demand priorities in the market. The L&P insurance sector is witnessing a strong traction for large-scale business transformation deals with integrated platforms and operations play.

To help insurers embark on their transformation journey, IT service providers are investing aggressively in developing analytics, automation, cloud, and IoT capabilities. Service providers that can showcase Business-Process-as-a-Service (BPaaS) play and present a comprehensive value-proposition with capabilities across multiple digital technology stacks are better positioned to capitalize on the opportunity to partner with L&P insurers on their core modernization and digital transformation journey.

In this research, we analyzed the vision and capabilities of 19 leading service providers specific to their digital services portfolio for the global L&P 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:

  • The landscape of service providers that provide digital services for L&P insurers
  • Assessment of the service providers on several capability-related dimensions related to digital services
  • Characteristics of Leaders, Major Contenders, and Aspirants on the Everest Group L&P insurance digital services PEAK Matrix™
  • Implications for L&P insurance digital services buyers and service providers

SCOPE OF THE ANALYSIS

  • Market trends and activity in digital services in L&P insurance
  • L&P insurance digital services PEAK Matrix™ characteristics
  • Service provider characteristics

CONTENT

This report analyzes digital service providers specific to the global Life & Pension (L&P) insurance sector:

  • L&P insurance digital services trends and its implications for key stakeholders
  • Everest Group PEAK Matrix for digital services in L&P insurance
  • L&P insurance digital services demand themes:
    • Digital for growth
    • Digital for efficiency
    • Digital for enablement
    • Digital for disruption
  • Profiles of service providers

Membership(s)

Insurance - IT Services (ITS)

 

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