Category: Banking, Financial Services & Insurance

Digital Claims in Property and Casualty Insurance – Solutions PEAK Matrix® Assessment 2023

Top Digital Claims in Property and Casualty (P&C) Insurance Solutions

Customer expectation for an Amazon-like experience is driving Property and Casualty (P&C) insurers to reevaluate their digital transformation strategies. However, workflow complexities due to multiple intermediaries and legacy systems are resulting in high turnaround time, information leakages, frauds, and, ultimately, a subpar customer experience. To establish a digital-first operating model, insurers initially digitized their sales and distribution operations but soon shifted their focus to low-touch and seamless core operations such as claims management to generate superior efficiency, leverage data and ecosystem insights to identify fraud, and improve the claims ratio by building predictive and preventive capabilities.

In this report, we assess 17 digital claims solution providers featured on the Digital Claims in P&C Insurance Solutions PEAK Matrix®. The study will enable buyers to choose the best-fit provider based on their sourcing considerations, while providers will be able to benchmark their performance against each other.

DOWNLOAD THE FULL REPORT Digital Claims in Property and Casualty (P&C) Insurance – Solutions PEAK Matrix® Assessment 2023

What is in this PEAK Matrix® Report:

This report examines:

  • Examine P&C insurers’ vision to build a zero-touch claims journey and the critical technology components powering this vision
  • Assess 17 leading digital claims solution providers for the P&C insurance industry on Everest Group’s Solutions PEAK Matrix® evaluation framework
  • List the characteristics of Leaders, Major Contenders, and Aspirants
  • Present Everest Group’s take on the strengths and limitations of each provider

Scope

  • Industry: insurance
  • Geography: global
  • The assessment is based on Everest Group’s annual RFI process for the calendar year 2021, incremental updates sought from the solution providers in 2022, interactions with leading digital claims solution providers, client reference checks, and an ongoing analysis of the digital claims solution market

LEARN MORE ABOUT Digital Claims in Property and Casualty (P&C) Insurance – Solutions PEAK Matrix® Assessment 2023

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

Application and Digital Services (ADS) in Life and Annuity Insurance – PEAK Matrix® Assessment 2023

Top Application and Digital Services (ADS) in Life and Annuity (L&A) Insurance Providers

Life and Annuities (L&A) insurers are partnering with providers to improve their digital transformation journeys and meet customer expectations by enabling accelerated underwriting, improved sales and distribution, and faster new products’ launch. Macro challenges such as rising inflation and demographic & life expectancy changes are compelling carriers to modernize their legacy technology stack and future-proof their businesses to achieve their cost reduction mandates.

In recent years, insurance carriers have been leveraging emerging technologies such as RPA, AI/ML, and IoT to achieve business-oriented outcomes and improve customer and agent experiences.

In this report, we assess the capabilities of 21 Application and Digital Services (ADS) providers and feature them on Everest Group’s ADS in L&A Insurance PEAK Matrix®. The study will enable buyers to choose the best-fit provider based on their sourcing considerations, while providers will be able to benchmark their performance against each other.

DOWNLOAD THE FULL REPORT Application and Digital Services (ADS) in Life and Annuity (L&A) Insurance – PEAK Matrix® Assessment 2023

What is in this PEAK Matrix® Report

In this report, we:

  • Assess 21 ADS providers in the L&A insurance market on Everest Group’s Products PEAK Matrix® evaluation framework
  • List the characteristics of Leaders, Major Contenders, and Aspirants in the L&A insurance ADS market
  • Examine the ADS providers’ offerings, along with their vision, product capabilities, adoption characteristics across geographies, case studies, partnerships, and investments

Scope:

  • Industry: insurance
  • Geography: global

LEARN MORE ABOUT Application and Digital Services (ADS) in Life and Annuity (L&A) Insurance – PEAK Matrix® Assessment 2023

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

Risk & Compliance in BFS IT Services PEAK Matrix® Assessment 2023

Top Risk & Compliance in BFS IT Services

Global macroeconomic conditions, evolving customer preferences, supply-chain disruptions, regulatory scrutiny, and transforming operating models are driving Banking and Financial Services (BFS) firms to build resilient, scalable, and flexible risk management and regulatory reporting IT and technology systems. However, roadblocks such as a legacy IT landscape and fragmented data systems are hampering the transformation of BFS enterprises’ Risk and Compliance (R&C) functions.

BFS enterprises are also looking to evaluate how environment, social, and governance factors impact their financial products and the risks they undertake. Additionally, they are creating new services and products that drive sustainable outcomes for their clients.

To serve this need, service providers are partnering with technology and platform providers to develop solutions such as cloud-based, API-driven, and intelligent R&C management platforms to help BFS firms better manage their R&C functions. Service providers are also investing in tools, accelerators, CoEs, next-generation technology solutions, and talent to improve their R&C advisory and IT services capabilities.

In this report, we study the vision & capability and market impact of 26 BFS risk and compliance IT service providers and position them on Everest Group’s proprietary PEAK Matrix®as Leaders, Major Contenders, Aspirants, and Star Performers.

DOWNLOAD THE FULL REPORT Risk & Compliance in BFS IT Services PEAK Matrix® Assessment 2023

What is in this PEAK Matrix® Report:

In this report, we:

  • Examine key trends in the BFS risk and compliance space
  • Classify 26 BFS IT service providers as Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework
  • Mention Star Performers – service providers with the strongest forward movement over time on the Risk and Compliance in BFS IT Services PEAK Matrix® 2022
  • Study the IT service providers’ competitive landscape for R&C in BFS
  • List the providers’ key strengths and limitations

Scope

  • Industry: BFS
  • Geography: global
  • The assessment is based on Everest Group’s annual RFI process for the calendar year 2022, interactions with leading technology and IT services providers, client reference checks, and an ongoing analysis of risk and compliance in the BFS IT services market

LEARN MORE ABOUT Risk & Compliance in BFS IT Services PEAK Matrix® Assessment 2023

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

Application and Digital Services (ADS) in Property & Casualty (P&C) Insurance PEAK Matrix® Assessment 2023

Top Application and Digital Services (ADS) in Property & Casualty (P&C) Insurance Services

The Property and Casualty (P&C) insurance industry has experienced numerous challenges in the last few years due to the pandemic, regional geopolitical conflicts, and strained macroeconomic conditions. To stay ahead of the competition and maintain business resilience and profitability, insurance carriers are partnering with providers to modernize their existing technology landscape and support evolving talent needs. Recognizing this opportunity, providers are investing in talent-skilling initiatives, efficient business solutions, improved delivery capabilities in geopolitically stable regions, and digital transformation strategies to address carriers’ evolving business needs.

In this report, we assess the capabilities of 21 Application and Digital Services (ADS) providers and feature them on Everest Group’s ADS in P&C Insurance PEAK Matrix®. The study will enable buyers to choose the best-fit provider based on their sourcing considerations, while providers will be able to benchmark their performance against each other.

DOWNLOAD THE FULL REPORT Application and Digital Services (ADS) in Property & Casualty (P&C) Insurance PEAK Matrix® Assessment 2023

What is in this PEAK Matrix® Report:

In this report, we:

  • Assess 21 ADS providers in the P&C insurance market on Everest Group’s Products PEAK Matrix® evaluation framework
  • List the characteristics of Leaders, Major Contenders, and Aspirants in the P&C insurance ADS market
  • Examine the ADS providers’ offerings, along with their vision, product capabilities, adoption characteristics across geographies, case studies, partnerships, and investments

Scope:

  • Industry: Insurance Information Technology

  • Geography: global

LEARN MORE ABOUT Application and Digital Services (ADS) in Property & Casualty (P&C) Insurance PEAK Matrix® Assessment 2023

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

Finance and Accounting Outsourcing (FAO) – Service Provider Landscape with PEAK Matrix® Assessment 2022

Top Finance and Accounting Outsourcing Services

The global multi-process Finance and Accounting Outsourcing (FAO) market has continued to grow at a steady rate of approximately 10% in 2022. Surging inflation, a recessionary environment, and geopolitical instability, coupled with pandemic-induced volatility, are driving enterprises to leverage third-party provider support for their finance functions. The need for digital transformation, an increasing number of first-time outsourcers, and growing demand for next-generation technology and high-end Finance and Accounting (F&A) work from mature outsourcers will continue to drive market growth in the near-term.

Some of the key means by which providers are differentiating themselves is by offering end-to-end transformation solutions, combined with domain and industry expertise and innovative Environmental, Social, and Governance (ESG) solutions, flexible pricing models, a design thinking-led approach, transformation frameworks, and next-generation offerings leveraging automation and analytics.

In this research, we assess FAO service providers based on their vision & capabilities and market impact and position them on the Everest Group PEAK Matrix®.

DOWNLOAD THE FULL REPORT Finance and Accounting Outsourcing (FAO) – Service Provider Landscape with PEAK Matrix® Assessment 2022

 

What is in this PEAK Matrix® Report:

This report includes:

  • Everest Group’s Services PEAK Matrix® evaluation, a comprehensive assessment of 27 FAO service providers
    • 2022 FAO PEAK Matrix® Leaders, Major Contenders, and Aspirants, as well as Star Performers
    • Service provider capability assessment
  • FAO service provider landscape
  • Key strengths and limitations of each FAO service provider

Scope:

  • Geography: global
  • Services: FAO

LEARN MORE ABOUT Finance and Accounting Outsourcing (FAO) – Service Provider Landscape with PEAK Matrix® Assessment 2022

 

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

Digital Platform and Augmentation Suite (DPAS) in Insurance BPS – Provider Landscape with Services PEAK Matrix® Assessment 2022

Top Digital Platform and Augmentation Suite (DPAS) Services in Insurance BPS

As insurance BPS industry shifts from arbitrage-first to digital model, insurers increasingly seek to understand digital capabilities of service providers. Disruptions in customer preferences and insurers’ growing needs to move faster have led to a significant change in the sourcing strategy as well. In order to pivot operations in such times, digital solutions offered by BPS providers helped in enhancing speed of delivery, reducing turn-around times, improving accuracy, and the quality of products. Such transformation projects helped in simplifying the insurance process by optimizing support functions across the value chain.

DOWNLOAD THE FULL REPORT Digital Platform and Augmentation Suite (DPAS) in Insurance BPS – Provider Landscape with Services PEAK Matrix® Assessment 2022

What is in this PEAK Matrix® Report:

This report evaluates:

  • The relative positioning of 15 providers on Everest Group’s PEAK Matrix® for DPAS in insurance operations
  • Providers’ market impact
  • Providers’ vision and capabilities across key dimensions

In this research, we assess 15 insurance BPS providers featured on the DPAS in Insurance BPS PEAK Matrix&®. Each provider profile offers details of the provider’s service focus, key Intellectual Property (IP) / solutions, domain investments, and case studies.

Scope:

  • Industry: industry-specific insurance BPS, including both P&C and L&P line of businesses
  • In this report, we cover the vertical-specific insurance BPS market. We do not cover horizontal business processes, such as Finance and Accounting (F&A), Human Resources (HR), procurement, and contact center
  • Geography: global
  • The assessment is based on Everest Group’s annual RFI process for the calendar year 2022, interactions with leading insurance BPS providers, client reference checks, and an ongoing analysis of the insurance BPS market

LEARN MORE ABOUT Digital Platform and Augmentation Suite (DPAS) in Insurance BPS – Provider Landscape with Services PEAK Matrix® Assessment 2022

 

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

Financial Crime and Compliance FCC Operations – Services PEAK Matrix® Assessment 2022

Top Financial Crime and Compliance (FCC) Operations Service Providers

Financial Crime and Compliance (FCC) operations continue to grow within the Banking and Financial Services (BFS) industry. Given the increase in regulatory norms and technology advances, banks, financial institutions, and other emerging institutions are constantly working to meet these norms and safeguard themselves from financial crimes, while maintaining their operational costs and scaling their delivery. New regulations in the financial sector call for a dynamic regulatory compliance check, which is difficult for these institutions to manage globally. The pandemic and the looming threat of a recession have added to the woes of financial institutions and impacted agent availability, operational costs, and transaction volumes.

The growing demand for FCC support and digital has opened opportunities for service providers to augment their capabilities and add offerings for advisory, platform-led services, and advanced digital solutions. For buyers, the need to increase efficiency and productivity by reducing false positives and manual intervention, as well as by mitigating profile risks, remains paramount. Service providers now have the opportunity to go beyond managing operations and transforming engagements into strategic partnerships.

DOWNLOAD THE FULL REPORT Financial Crime and Compliance (FCC) Operations – Services PEAK Matrix® Assessment 2022

Financial Crime and Compliance (FCC) Operations: What is the Scope?

  • Industry: banking and financial services
  • Sub-industry: financial crime and compliance
  • Geography: global
  • In this report, we cover vertical-specific FCC operations. We have not covered horizontal business processes, such as Finance and Accounting (F&A), Human Resources (HR), procurement, and contact center

What is in this PEAK Matrix® Report:

This report features 27 FCC operations service provider profiles, each of which includes:

  • Relative positioning of the service provider on Everest Group’s PEAK Matrix® for FCC Operations
  • Service provider market impact
  • Service provider vision and capability assessment across key dimensions
  • Enterprise sourcing considerations

This report provides a detailed analysis of the vision, delivery capabilities, and market successes of 27 FCC operations service providers and their relative position on the Everest Group PEAK Matrix® for FCC Operations. The study will assist key stakeholders, such as banks, financial institutions, FinTechs and RegTechs, service providers, and technology providers, in understanding the current FCC service provider landscape and help them in their sourcing and partnership decisions.

LEARN MORE ABOUT Financial Crime and Compliance (FCC) Operations – Services PEAK Matrix® Assessment 2022

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What is the PEAK Matrix®?

The PEAK Matrix® provides an objective, data-driven assessment of service and technology providers based on their overall capability and market impact across different global services markets, classifying them into three categories: Leaders, Major Contenders, and Aspirants.

LEARN MORE ABOUT Top Service Providers

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