Life and Annuities (L&A) insurers are facing twin pressures – profitability pressures due to an interest rate decline globally and increasing legacy technology costs due to outdated core systems and a legacy technology backbone. This has accelerated the need to adopt modern core systems, increase the reliance on analytics and newer technologies to take costs out rapidly, make new products faster, and sell more using the data already generated, as well as deal with increasing compliance mandates.

To address these needs, insurers are adopting a more cloud-native core system, increasing automation in their operations to provide superior policyholder and agent experience, and reducing their time-to-market for newer insurance products.

In this compendium, we provide detailed profiles of 21 leading IT application and digital services providers featured on the Application and Digital Services in Life and Annuities Insurance PEAK Matrix® Assessment 2021. Each profile provides a comprehensive picture of the provider’s service focus, scale of operations, business performance, recent case studies, key Intellectual Property (IP) / solutions, and domain investments. The analysis is based on Everest Group’s RFI process, interactions with leading IT application and digital services providers, client reference checks, and an ongoing analysis of the L&A insurance application and digital services market.

Scope

In this compendium, we evaluate the following IT application and digital services providers in L&A insurance: Accenture, Atos, Capgemini, Coforge, Cognizant, Damco Solutions, DXC Technology, HCL Technologies, IBM, Infosys, LTI, Mindtree, Mphasis, NTT DATA, RapidValue Solutions, TCS, Tech Mahindra, ValueMomentum, Virtusa, Wipro, and Zensar Technologies.

Contents

This report provides:

• An overview of L&A insurance service providers’ insurance application and digital services business and offerings, including vision, business performance, and services and geography focus
• Client success stories, including business challenges, solutions delivered, and impact generated
• An overview of the provider’s domain investments, key Intellectual Property (IP) / solutions, and partnerships related to L&A insurance application and digital services
• A detailed assessment of the service provider’s strengths and areas of improvement

Membership(s)

Insurance Information Technology

Sourcing and Vendor Management