The pandemic adversely impacted the operations and business of the Life and Pensions (L&P) insurance industry. Considering that it is a heavily regulated industry, transitioning operations to a virtual environment seemed to be a tall order. Insurers’ continued reliance on legacy systems and outdated technologies made this transition even more difficult. At the same time, the pandemic made insurers realize the pressing need for digitalization and innovation, while creating efficiencies across operations.
Providers are cognizant of these demand themes and are streamlining their go-to-market strategies and capability assets through their platform, digital, data, analytics, location, and talent capabilities. These providers are tapping into opportunities across the spectrum of L&P insurance, from products such as life, annuities, retirement, and group benefits to geographical markets such as North America, UKI, Continental Europe, and Asia Pacific. Business-Process-as-a-Service (BPaaS) and Third-party Administrator (TPA) models are being firmed up, and providers are shifting their overall focus from erstwhile arbitrage-based BPO to capture more value-additive share of the demand. Interestingly, it is not only closed blocks that are the center of attention this time; new products, greenfield launches, and active blocks are just as pertinent, as L&P insurers try to capture a young customer base that sees greater value in life insurance and retirement planning due to the pandemic’s jolt.
In this research, we present detailed assessments of 20 L&P insurance BPS/TPA providers, based on their vision, capabilities, and market impact, and look at their relative positioning on the Everest Group PEAK Matrix® L&P Insurance BPS / TPA Services. Our assessment is based on Everest Group’s annual RFI process that was concluded in H1 2021, interactions with leading L&P insurance BPS/TPA providers, client reference checks, and an ongoing analysis of the L&P insurance BPS/TPA market.
Scope
Industry: L&P insurance BPS / TPA services
Geography: global
In this report, we cover vertical-specific L&P insurance BPS / TPA 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 20 L&P insurance BPS/TPA service providers, each of which includes:
- Relative positioning of the service provider on Everest Group’s PEAK Matrix® for L&P Insurance BPS / TPA Services
- Service provider market impact
- Service provider vision and capability assessment across key dimensions
- Enterprise sourcing considerations
Membership(s)
Insurance Business Process
Sourcing and Vendor Management
