COVID-19 adversely impacted the Life and Pensions (L&P) insurance industry’s operations and business. 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 Insurers’ continued reliance on legacy systems and outdated technologies made the transition to the pandemic-induced virtual environment even more difficult.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, ranging from products such as life, annuities, retirement, and group benefits to geographies such as North America, United Kingdom and Ireland (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.

Life and Pensions (L&P) Insurance BPS / TPA Service Provider Compendium 2022 provides accurate, comprehensive, and fact-based snapshots of 12 L&P insurance BPS/TPA providers. The study offers a detailed profile of each L&P insurance BPS/TPA provider – with a comprehensive picture of its services suite, scale of operations, recent developments and investments, technology solutions, and delivery locations – and specifies the provider’s position on the Everest Group PEAK Matrix®. The report also provides insights on the global L&P insurance BPS/TPA provider landscape.

Scope

Industry: L&P insurance

Geography: global

Contents

This report features the profiles of 12 L&P insurance BPS/TPA service providers with multi-process capabilities, along with a relative positioning of 20 L&P insurance BPS/TPA providers on L&P Insurance BPS/TPA PEAK Matrix®. Each service provider profile provides the following details:

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

Membership(s)

Insurance Business Process

Sourcing and Vendor Management