Life and Pensions (L&P) Insurance BPO – Service Provider Landscape with PEAK Matrix® Assessment 2020

29 Sep 2020
by Skand Bhargava, Somya Bhadola, Akanksha Sohil, Sanket Barve

The challenges for Life and Pensions (L&P) insurers, which struggle with a legacy environment, magnified when the outbreak of COVID-19 necessitated new operating models. Insurers looked at their service partners to ensure touchless and flexible operations. Service providers with the ecosystem of requisite capabilities stood a fair chance of success. L&P insurance BPO/TPA services market continued its transition to a greater demand and delivery of modernization solutions. Service providers intensified their focus toward active blocks by leveraging relevant technologies – platform and digital – and making domain investments to meet buyers’ need for rapid speed-to-market and better customer experience. Although the proprietary platform-led BPaaS model continues to dominate service offerings, some providers are now following a platform-agnostic approach toward service delivery. Buyers are also increasingly adopting outsourcing for their group life, annuities, and retirement product portfolios, where transformation comes across as a key demand theme. In terms of geographic spread, North America leads in terms of new activity, while less mature markets such as Continental Europe and Asia Pacific are also contributing to expansion.

In this research, we present detailed assessments of 17 L&P insurance BPO service providers, based on their vision, capabilities, and market impact, and look at their relative positioning on the Everest Group PEAK Matrix® for L&P Insurance BPO Services. Our assessment is based on Everest Group’s annual RFI process conducted in H1 2020, interactions with leading L&P insurance BPO service providers, client reference checks, and an ongoing analysis of the L&P insurance BPO market.

Scope

This research studies the following L&P insurance BPO service providers: Accenture, Andesa Services, Atos, Capgemini, Capita , Cognizant, Concentrix, DXC Technology, EXL, Genpact, HCL Technologies, Infosys, NTT Data, SE2, Sutherland Global Services, TCS, and WNS.

In this report, we cover vertical-specific L&P insurance BPO services. We have not covered horizontal business processes, such as Finance and Accounting (F&A), Human Resource (HR), procurement, and contact center.

Content

This report features the profiles of 17 L&P insurance BPO service providers, each of which includes:

  • Relative positioning of the service provider on Everest Group’s PEAK Matrix® for L&P Insurance BPO Services
  • Service provider market impact
  • Service provider vision and capability assessment across key dimensions
  • Comments about service providers

Membership(s)

Insurance Business Process

Sourcing and Vendor Management

 

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