In 2022, the Life and Annuity (L&A) insurance segment continued to grow steadily, primarily driven by the increased demand for annuity products. However, the economic slowdown and persistent high inflation are likely to impact insurance sales. Insurers are prioritizing cost optimization in response to recessionary pressures while simultaneously investing in technology to enhance operational efficiency.
Amid this scenario, insurers are increasingly turning to outsourcing as a popular cost mitigation strategy, providing ample opportunities for providers. These providers are strategically targeting growth areas to secure large deals in the market.
In this research, we provide a comprehensive overview of the L&A insurance Business Process Services (BPS) market across various dimensions. The report also provides a detailed analysis of L&A insurers’ key focus areas, strategic investments, BPS adoption trends, and deal value and characteristics. The study will assist key stakeholders, including insurance enterprises, service providers, and technology providers, to understand the current state of the L&A insurance BPS market.
Scope
- Industry: L&A insurance
- Geography: global
- Services: L&A insurance BPS
- The analysis is based on Everest Group’s annual RFI process, interactions with leading L&A insurance business process service providers and buyers, and our ongoing coverage of the L&A insurance and services market
Contents
In this report, we examine:
- Key trends in the L&A insurance industry
- Adoption trends in the L&A insurance BPS market
- Characteristics of L&A insurance BPS deals
- Evolution of BPS relationships
Membership(s)
Insurance Business Process
Sourcing and Vendor Management
