COVID-19 significantly disrupted L&P insurers’ manual and paper-based operations and compelled them to transform their operations. With most businesses starting to return to normalcy in 2021, insurers are accelerating their digital transformation to improve operational resiliency, risk management, customer engagement, and financial strength. To achieve various strategic priorities under this call to action, many insurers are also increasingly turning to an outsourcing ecosystem to institute strategic relationships and co-create for innovation.
In this research, we provide a comprehensive picture of the key investment trends in the L&P insurance outsourcing market across various dimensions. The analysis is based on Everest Group’s annual RFI process, interactions with leading L&P insurance Business Process Service (BPS) providers, interactions with buyers, and our ongoing coverage of the L&P insurance and services market.
Scope
Industry: L&P insurance industry, including life insurance and retirement/pensions solutions offered to both individual and group customers
Geography: global
Services: L&P insurance BPS
Insurer investment examples: only publicly available information has been used to depict investment areas targeted by insurers
Contents
This report studies trends and discussion themes in the L&P insurance BPS industry under four sections:
- The impact of COVID-19 on L&P insurance
- Market adoption trends in L&P insurance BPS
- Deal characteristics of L&P insurance BPS
- L&P insurance BPS service provider landscape and client feedback analysis
Membership(s)
Insurance Business Process
Sourcing and Vendor Management
