As the global Life and Annuities (L&A) insurance market rebounds from the pandemic’s impact, it faces a significant new challenge: uncertain macro-economic conditions that are exerting cost pressures on insurance carriers. In this context, insurers are prioritizing cost reduction by limiting discretionary spending to save expenses, while remaining committed to their digital transformation efforts, recognizing the long-term advantages thereof.

Given this situation, insurers are anticipating outsourcing to become a favored strategy for mitigating costs. Providers are also enhancing their capabilities to position themselves more effectively for larger contracts, aligning with insurers’ transformative initiatives. As insurers face rising demand for assistance in areas such as actuarial transformation, streamlined underwriting, and new product launches due to evolving customer preferences and legacy issues, providers are proactively investing in these growth areas to distinguish themselves in the market and maintain a competitive edge.

Life and Annuities (L&A) Insurance Business Process Services (BPS) / Third Party Administrator (TPA)   Service Provider Compendium 2023 provides accurate, comprehensive, and fact-based snapshots of 23 L&A insurance BPS/TPA providers. Each profile offers a comprehensive picture of the provider’s services suite, scale of operations, recent developments and investments, technology solutions, and delivery locations, and specifies the provider’s position on Everest Group’s PEAK Matrix^® framework. The report also provides insights on the global L&A insurance BPS/TPA provider landscape.

Scope

Industry: Life & Annuities (L&A) insurance

Geography: Global

Contents

In this report, we feature 23 L&A insurance BPS/TPA service provider profiles and include:

• L&A insurance service suite and scale of operations: key leaders, services suite, FTEs, and recent developments and investments
• L&A insurance client portfolio: major clients and recently announced contracts, along with L&A insurance revenue split by geography and buyer size and FTE split by process and delivery location
• Global L&A insurance delivery locations: details of key delivery locations worldwide
• L&A insurance technology solutions/tools: brief descriptions of key technology solutions
• Detailed assessment of L&A insurance capabilities: market success, delivery capability assessment, and remarks on each provider’s strengths and limitations

Membership(s)

Insurance Business Process

Sourcing and Vendor Management