Category: Banking, Financial Services & Insurance

Financial Crime and Compliance (FCC) Operations Services PEAK Matrix® Assessment 2024

Financial Crime and Compliance (FCC) Operations Services

The Financial Crime and Compliance (FCC) operations landscape is rapidly expanding within the Banking and Financial Services (BFS) industry. Amid challenges such as rising fraud, evolving regulatory norms, economic pressures, and unique geopolitical circumstances, financial institutions and next-generation participants are striving to meet compliance standards. They are working to safeguard themselves from financial crimes while managing operational costs and enhancing delivery capabilities. The introduction of new regulations in the financial sector necessitates a dynamic regulatory compliance framework, posing a global management challenge for these institutions.

In response to these challenges, the demand for digital-led FCC offerings is rising. Providers are seizing opportunities to leverage technology in their capabilities, provide platform-led solutions, and co-innovative advisory services to meet the industry’s growing demands. Stakeholders prioritize efficiency and productivity, aiming to reduce false positives and mitigate potential losses from regulatory fines.

Financial Crime and Compliance (FCC) Operations Services

What is in this PEAK Matrix® Report

In this report, we analyze the vision, delivery capabilities, and market successes of 30 FCC operations service providers and their relative position on Everest Group’s PEAK Matrix® for FCC operations. The study will assist key stakeholders, such as banks, financial institutions, FinTechs, RegTechs, service providers, and technology providers, to understand the current FCC operations landscape and make informed sourcing and partnership decisions.
 

This report features 30 FCC operations service provider profiles and includes:

  • Each provider’s relative positioning on Everest Group’s PEAK Matrix® for FCC operations
  • Providers’ market impact
  • Providers’ vision and capability assessment across key dimensions
  • Enterprise sourcing considerations

Scope

  • Industry: BFS
  • Geography: global
  • The assessment is based on Everest Group’s annual RFI process and an ongoing analysis of the FCC operations market

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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

Lending IT Services PEAK Matrix® Assessment 2023

Lending IT Services 

The lending industry is currently undergoing a significant transformation, propelled by the increasing demand for technological integration to enhance operational efficiency, user experience, and cost-effectiveness. This shift is largely driven by the widespread adoption of advanced cognitive tools, such as AI and predictive analytics, enabling lenders to improve automated approval rates and gain deeper insights into customer behavior. Additionally, the rise in delinquencies, stemming from a growing disparity between wage growth and expenses, is prompting lenders to embrace more user-friendly online tools for flexible payments.

In response to these challenges, lenders are leveraging cloud computing and alternative data to revolutionize underwriting and data management processes. The introduction of innovative products, such as green mortgages and Buy Now Pay Later (BNPL) options, addresses modern consumer demands within a framework aimed at consolidating products for improved efficiency. Moreover, the lending ecosystem is increasingly becoming API-driven, facilitating real-time integrations with third parties and offering flexible customer experiences without the need for costly in-house functionalities. This trend is evident across various sectors, with mortgage lending investing in technology and alternative products and auto financing transitioning toward subscription and shared ownership models. Particularly in commercial and SME lending, there is a noticeable shift toward streamlined online financing experiences and platform modernization.

Lending IT Services

What is in this PEAK Matrix® Report

In this report, we analyze 28 lending IT service providers and position them on Everest Group’s proprietary PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants.
 

In this report, we: 

  • Examine key trends in the lending IT services industry
  • Classify 28 lending IT service providers as Leaders, Major Contenders, and Aspirants on Everest Group’s proprietary PEAK Matrix® framework
  • Discuss the IT service providers’ competitive landscape for lending IT services in BFS
  • Assess providers’ key strengths and limitations

Scope

  • Industry: Banking and Financial Services (BFS)
  • Geography: global
  • The assessment is based on Everest Group’s annual RFI process for the calendar year 2023, interactions with leading technology and IT services providers, client reference checks, and an ongoing analysis of the lending IT services market

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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

Low-code Technology Providers in Insurance – Products PEAK Matrix® Assessment 2023

Low-code Technology Providers in Insurance – Products 

In recent years, insurance enterprises have embarked on a modernization spree to improve the experience for both customers and stakeholders. However, the significant surge in costs and unprecedented underwriting losses in these challenging times have intensified the need for an agile, scalable approach to modernization.

Leading insurance organizations are seeking support to manage the technology environment, address the talent shortage, and respond to changing market dynamics. They aim to realize value from existing investments quickly and with minimal complexity in integration or application development. Insurers are increasingly relying on low-code technology for rapid application development, integration, and meeting time-to-market needs. Low-code solutions offer insurers out-of-the-box integrations with their existing technology stack, enable rapid value realization from digitization investments, and eliminate the need for extensive transformation efforts.

Low-code Technology

What is in this PEAK Matrix® Report

In this research, we assess 21 low-code technology providers featured on the Low-code Technology Providers in Insurance – Products PEAK Matrix®. The research will help buyers select the right-fit provider for their needs, while providers will be able to benchmark themselves against each other.
 

In this report: Everest Group analyzes 21 low-code technology providers’ capabilities to serve insurance enterprises on its proprietary PEAK Matrix® assessment framework.

Scope

  • Industry: Insurance
  • Geography: Global
  • The assessment is based on Everest Group’s annual RFI process for calendar year 2023, interactions with leading low-code technology providers, client reference checks, and an ongoing analysis of the low-code solutions market

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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

Cloud Services in Insurance PEAK Matrix® Assessment 2023

Cloud Services in Insurance 

 

The insurance industry has been relatively slow in adopting digital measures due to regulatory constraints and product complexities. However, carriers are embracing the change to become risk mitigators. With the exponential rise in claims costs and unprecedented levels of underwriting losses during these challenging times, the need for value maximization, resource optimization, and achieving agility and scalability has become increasingly urgent.

In the past, insurers have embraced cloud technology as one of the prominent technologies. They are aware of the cloud’s potential, which has prompted them to strategize and build new business models that can withstand an unpredictable future. As insurers embark on their next growth phase, the cloud industry is expected to drive cloud spending to future-proof the technology estate, monetize data to generate alternate revenue streams, and rethink value delivery to end customers.

Cloud Services in Insurance

What is in this PEAK Matrix® Report

In this report, we assess 35 IT service providers for their cloud services capabilities featured on the Cloud Services in Insurance PEAK Matrix® Assessment 2023. 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.
 

In this report, we:

  • Assess 35 leading cloud services providers for the insurance industry using Everest Group’s Solutions PEAK Matrix® evaluation framework
  • Examine the market impact and vision and capabilities of the cloud services providers for insurance enterprises
  • Identify and categorize providers as Leaders, Major Contenders, and Aspirantsr
  • Study providers’ key strengths and limitations

Scope

  • Industry: insurance
  • Geography: global
  • The assessment is based on Everest Group’s annual RFI process for calendar year 2023, interactions with leading cloud services providers, client reference checks, and an ongoing analysis of the cloud services market

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Property and Casualty (P&C) Insurance BPS PEAK Matrix® Assessment 2023

Property and Casualty (P&C) Insurance BPS

Enterprises have been increasingly turning to P&C insurance BPS providers during the recession to address elevated operating costs resulting from heightened inflation, which has led to increased claims expenses and rate adjustments for various P&C products. Cost reduction has once again become the foremost reason for outsourcing, along with the pursuit of operational efficiency to achieve improved business results. Additionally, there have also been delays in decision making from key enterprise leaders for handing out transformational projects.

Nevertheless, P&C insurance BPS providers are actively seeking opportunities for expansion by enhancing their capabilities in less frequently outsourced areas such as underwriting, actuarial analysis, and claims processing, all of which represent substantial cost centers for enterprises. Additionally, they are presenting transformational initiatives to initial adopters of outsourcing who have yet to fully realize the advantages of partnering with BPS providers to boost efficiency and cut costs, enabling them to sustain and improve growth in a challenging environment.

Insurance BPS 

What is in this PEAK Matrix® Report

In this report, we assess 21 P&C insurance Business Process Services (BPS) providers and position them on Everest Group’s PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants. Each provider profile provides a comprehensive picture of its vision, delivery capabilities, market success, and key strengths and limitations. The report also examines the global P&C insurance BPS market and its provider landscape. The study will assist key stakeholders, such as insurance enterprises, service providers, and technology providers, to understand the current state of the P&C insurance BPS market.
 

This report features 21 P&C service provider profiles, and includes:

  • Providers’ relative positioning on Everest Group’s PEAK Matrix® for P&C insurance BPS
  • Providers’ market impact
  • The evaluation of providers’ vision and capabilities across key dimensions

Scope:

  • Industry: P&C insurance BPS
  • Geography: global
  • In this report, we only cover vertical-specific P&C operations and have omitted horizontal business processes, such as Finance and Accounting (F&A), Human Resources (HR), procurement, and contact center

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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.

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Life and Annuities (L&A) Insurance BPS and Third-Party Administrator (TPA) PEAK Matrix® Assessment 2023

Life and Annuities (L&A) Insurance BPS and Third-Party Administrator (TPA) PEAK Matrix® Assessment

The global Life and Annuities (L&A) insurance industry has recovered from the pandemic, but it now faces macroeconomic uncertainties. Going forward, insurers will prioritize cost reduction and may cut back on discretionary spending to save costs. However, they are likely to continue their digital transformation initiatives because of the long-term benefits they offer in terms of process improvements and efficiency gains.

Given the situation, insurers are expected to use outsourcing as a popular cost mitigation strategy, which provides ample growth opportunities for providers. In fact, providers are developing end-to-end capabilities to advance themselves for larger deals as insurers pursue more enterprise-wide transformation. Additionally, insurers face challenges such as evolving customer preferences, product innovation, and legacy systems, which increase the demand for support in areas such as actuarial transformation, underwriting streamlining, and new product launch capabilities. Providers are increasingly investing in these growth areas to differentiate themselves in the market and stay ahead of the competition.

LATPA PEAK 2023

What is in this PEAK Matrix® Report

In this report, we assess 23 L&A insurance Business Process Services (BPS) providers and position them on Everest Group’s PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants. Each provider profile provides a comprehensive picture of its vision, delivery capabilities, market success, and key strengths and limitations. The report also examines the global L&A insurance BPS and Third-party Administrator (TPA) services market and its provider landscape. The study will assist key stakeholders, such as insurance enterprises, service providers, and technology providers, understand the current state of the L&A insurance BPS/TPA market.

This report features 23 L&A service provider profiles, and includes:

  • Providers’ relative positioning on Everest Group’s PEAK Matrix®; for L&A insurance BPS and TPA
  • Providers’ market impact
  • Evaluation of providers’ vision and capabilities across key dimensions

Scope:

  • Industry: L&A insurance BPS/TPA
  • Geography: global
  • In this report, we only cover vertical-specific L&A operations and have omitted horizontal business processes, such as Finance and Accounting (F&A), Human Resources (HR), procurement, and contact center

DOWNLOAD THE FULL LIFE AND ANNUITIES (L&A) INSURANCE BPS AND THIRD-PARTY ADMINISTRATOR (TPA) PEAK MATRIX® ASSESSMENT 2023 

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Group Life Policy Administration Systems (PAS) Products PEAK Matrix® Assessment 2023 – North America

Group Life Policy Administration Systems (PAS) Products PEAK Matrix® Assessment – North America

Group life insurers are increasingly looking to modernize their core platforms to address the limitations of their legacy core systems and drive transformation to future-proof their IT infrastructure. They are seeking cloud-ready platforms that can enable extensive API integrations and provide out-of-the-box functionalities for rapid product configurations.

In response, technology providers are developing deep expertise across various product types and demand themes. They are expanding their talent pools, building configurable solutions to address key concerns around on-budget and on-time implementations, and supporting insurers to become digitally enabled.

PAS PEAK 2023

What is in this PEAK Matrix® Report

In this report, we assess 15 technology providers featured on the Group Life Policy Administration Systems (PAS) Products PEAK Matrix® Assessment 2023 – North America. Each provider profile provides a comprehensive picture of its service focus, key Intellectual Property (IP) / solutions, domain investments, and case studies.

This report examines:

  • Provide an overview of the group life PAS market, including its size, growth, and drivers
  • Assess 15 technology providers that focus on North America
  • List the characteristics of Leaders, Major Contenders, and Aspirants
  • Examine providers’ key strengths and limitations

Scope:

  • Industry: insurance
    Geography: North America
  • The assessment is based on Everest Group’s annual RFI process for year 2022-23, interactions with leading group life PAS technology providers, client reference checks, and an ongoing analysis of the North American insurance technology market

DOWNLOAD THE FULL GROUP LIFE POLICY ADMINISTRATION SYSTEMS (PAS) PRODUCTS PEAK MATRIX® ASSESSMENT 2023 

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What is the PEAK Matrix®?

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Capital Markets Operations – Services PEAK Matrix® Assessment 2023

Capital Markets Operations – Services PEAK Matrix® Assessment

The capital markets operations landscape is rapidly evolving as enterprises strive to meet the demands of a new generation of customers, reduce cost pressures in a recessionary environment, and adhere to regulatory changes. They are also building operational resiliency in the post-pandemic environment by formulating transformation strategies that create a digitally-enabled value chain, including the retirement of legacy platforms, cloud migration, and process automation.

Providers are scaling up their capabilities across the trade life cycle by adopting an advisory-led approach and transformation frameworks. They are offering solutions that accelerate the shift from robotic process automation to intelligent automation and bringing in technologies such as predictive and prescriptive analytics, ESG profiling, and distributed ledger technology. Providers are also extending greater support for compliance, including regulations such as MiFID, EMIR, FATCA, and upcoming T+1 settlement frameworks.

Capital map2

What is in this PEAK Matrix® Report

In this report, we analyze 23 capital markets operations service providers and position them on Everest Group’s PEAK Matrix® as Leaders, Major Contenders, and Aspirants based on their capabilities and offerings. The report will assist key stakeholders, such as banks, financial institutions, and providers, in understanding the current capital markets service provider landscape and making informed sourcing and partnership decisions.

This report features 23 capital markets operations service provider profiles and includes:

  • Providers’ relative positioning on Everest Group’s PEAK Matrix® for capital markets operations
  • Providers’ market impact
  • Providers’ vision and capability assessment across key dimensions
  • Enterprise sourcing considerations

Scope:

  • Industry: banking and financial services
  • Geography: global
  • The report covers vertical-specific capital markets operations and does not include horizontal business processes, such as Finance and Accounting (F&A), Human Resources (HR), procurement, and contact center
  • This assessment is based on Everest Group’s annual RFI process and an ongoing analysis of the capital markets operations industry

DOWNLOAD THE FULL CAPITAL MARKETS OPERATIONS – SERVICES PEAK MATRIX® ASSESSMENT 2023 

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What is the PEAK Matrix®?

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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, leveraging data and ecosystem insights to identify fraud, and improving 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 presents:

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

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