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