Heightened customer expectations, stagnant growth, limited product differentiation, increasing threat from new entrants, and the stringent regulatory environment are the key challenges faced by insurers today. In addition to these industry headwinds, insurers are feeling the pressure from investors and competitors to increase efficiency & effectiveness in processes and delivery. In order to grow in such a non-conducive environment, insurers are aligning their technology priorities around business agility and embracing digital technologies that can help them contain costs, shift from a product-centric play to a customer-centric play, and also defend their business from emerging disruptive models at the same time.

With the insurers shifting towards establishing efficient/agile operations and increasingly adopting digital technology themes, IT service providers are aggressively looking to tap the opportunity by tailoring their offerings with next-generation technologies, developing in-house solution frameworks & accelerators, partnering with buyers to co-innovate, setting up labs & Centers of Excellence (CoEs) to demonstrate & evaluate proof-of-concepts, and forming alliances with leading platform providers to strengthen their value propositions.

In this research, we analyze the capabilities of 24 leading AO service providers, specific to the global insurance sector. These providers were mapped on the Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix, which is a composite index of a range of distinct metrics related to each provider’s capability and market success. We focus on:

• The landscape of service providers in insurance AO market
• Assessment of the service providers on a number of capability-related dimensions
• Characteristics of Leaders, Major Contenders, and Aspirants on the Everest Group insurance AO PEAK MatrixTM
• “Star Performers” of 2016, providers with the strongest forward movement over time – in terms of both market success and capability advancements
• Implications for capital markets buyers and service providers

SCOPE OF THE ANALYSIS

• Market trends and activity for large AO relationships in insurance firms
• Insurance AO PEAK MatrixTM characteristics
• Insurance AO service provider characteristics

CONTENT

• Scale
• Scope
• Domain investments
• Delivery footprint
• Market activity
• Market share

Everest Group has a complimentary four-page PEAK Matrix preview document for this service provider landscape report.

Membership(s)

Banking, Financial Services & Insurance (BFSI) - Information Technology Outsourcing (ITO)