Life and Pensions (L&P) Insurance BPO – Service Provider Landscape with Services PEAK Matrix™ Assessment 2019

30 Sep 2019
by Skand Bhargava, Somya Bhadola, Akanksha Sohil

While the L&P insurance industry has traditionally been a laggard in terms of adapting to new market shifts, insurers are now realizing the growing importance of creating a satisfactory customer experience for competitive relevance. This realization, in turn, has significantly changed the nature of demands that the L&P insurers have from their third-party service providers. Buyers and their service providers are now partnering for more expanded reasons beyond securing traditional cost and operational efficiencies such as:

  • Gaining speed-to-market for quick entry into competitive product lines, whether for individual or for group life
  • Digitizing incoming and existing data for enabling digitalized workflows downstream
  • Leveraging innovative distribution channels for creating a favourable customer relationship
  • Enabling synergies from various mergers and acquisitions that would create a consistent customer experience across different units

Consequently, outsourcing conversations have continued to move beyond closed blocks administration to active blocks, new product launch, and new market entry support. In order to cater to the various demands of insurers, service providers are increasingly investing in modernized policy administration platforms that would enable insurers to free capital from legacy infrastructure and redirect to more strategically relevant areas. The ability to offer an integrated value proposition of core administration platform offerings augmented with digital solutions would continue to define the competitive landscape for L&P insurance third-party service providers market.

Scope and Methodology

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

  • Relative positioning of 16 service providers on Everest Group’s PEAK Matrix™ for L&P insurance BPO
  • Service provider market impact
  • Service provider vision and 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 2019 positioning is as follows:
    • Leaders: Cognizant, DXC Technology, EXL, SE2, and Tata Consultancy Services (TCS)
    • Major Contenders: Accenture, Capgemini, Capita, Concentrix, HCL, Infosys, NTT DATA, and WNS
    • Aspirants: Andesa Services, ATOS, and Tech Mahindra
    • Cognizant, EXL, Infosys, and TCS are the "Star Performers" on the L&P insurance BPO Everest Group PEAK Matrix for 2019
  • Market shares of 16 service providers by
    • Revenue
    • Geography (signing region)
    • Processes within L&P insurance BPO
    • Buyer size
  • Strengths and areas of improvement for 16 service providers

Membership(s)

Insurance - Business Process Outsourcing (BPO)

 

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