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Helping a leading insurer update its IT spend taxonomy

Outdated frameworks obscured IT spend visibility, hindering a leading insurer’s ability to make data-backed sourcing decisions. By partnering with Everest Group, the organization revamped its taxonomy to unlock visibility and drive savings.

Client challenge

Outdated frameworks obscure spend

Upon reviewing expenditure data, a client at a prominent global insurance provider observed inconsistencies that warranted further investigation.

As an insurance leader for over 150 years, the organization prided itself on data-driven decisions. However, an outdated IT spend taxonomy obstructed expenditure visibility. Without clarity on technology purchases and vendors, the sourcing team struggled to optimize spend. It required assistance modernizing its framework to reflect technological trends and integrate with financial reporting needs.

Everest Group solution

Custom research enables visibility

The client partnered with Everest Group, given we had supported its digital transformation for years. With extensive IT services and sourcing expertise, Everest Group could provide market context and tailored recommendations.

In a 6-week collaborative engagement, Everest Group performed proprietary research and cooperated closely with the team to overhaul the taxonomy. Leveraging peer IT spend structures, we constructed a taxonomy aligning with the evolving technology footprint and financial requirements.

“The Everest Group team is helping us to understand how our peers approach IT sourcing while building a new IT spend taxonomy that will give our IT stakeholders clearer information to make important decisions.”
– The Client

Results and impact

Informed sourcing decisions

With an updated framework, the client obtained the visibility required to make data-driven sourcing choices. Expenditures were clearly visible across the enterprise, identifying savings opportunities. The taxonomy enabled strategic decision-making, optimizing third-party relationships.

Reflecting on the project, the client recognized the value of external expertise. Everest Group provided deep market and organizational knowledge. Our solution delivered ongoing value by enabling data-backed IT investments. With enhanced visibility, the client could more effectively manage a major cost area and drive continued success.

The client was prudent in selecting a research firm combining independence and context from years of engagement. Everest Group’s experience, flexibility, and commitment perfectly fit this complex initiative.

The right partner for transformation

The organization chose Everest Group for its extensive expertise and industry connections. Everest Group’s peer benchmarking experience made us ideally suited to provide data-driven insights and empower transformation. Our proven track record guiding complex efforts clearly demonstrated the ability to pave the way forward.