Insurance IT Services – Provider Compendium 2024

The insurance industry is rapidly transforming, driven by technology advances, evolving customer expectations, and regulatory shifts. Life and Annuity (L&A) insurers are increasingly focusing on modernizing legacy systems to enhance operational efficiency and deliver seamless digital experiences. IT providers are vital in this journey, facilitating cloud adoption, automating processes, and eliminating data silos. The industry's focus has shifted from basic digital transformation to elevating customer experience for agents and brokers, emphasizing omnichannel engagement and expanded benefit offerings.

Meanwhile, Property and Casualty (P&C) insurers are also embracing digital modernization, with Guidewire and Duck Creek emerging as preferred platforms for core system overhauls. IT providers have developed specialized capabilities for these platforms, enabling complex migrations and aligning solutions with enterprise requirements. Additionally, P&C insurers are leveraging predictive analytics to prevent losses, digitize broker channels, and optimize underwriting processes. Going beyond technical implementations, IT providers are driving advances by developing proprietary tools, collaborating with InsurTechs, and expanding their talent pools.

This comprehensive report assesses 39 leading IT providers’ capabilities based on Everest Group’s 2024 Insurance IT Services PEAK Matrix® Assessment, offering insights into their market impact, delivery models, and strategic investments.