Insurance Application Services: Digital Enablement Spend Fuels Market Growth – Services PEAK Matrix™ Assessment 2018
The insurance sector is on the cusp of a massive transformation, driven by investments in digital enablement themes such as automation, cloud, data management & analytics, Artificial Intelligence (AI), and Internet of Things (IoT). Alone and in combination, these technologies help insurers to reduce costs, optimize processes, launch innovative product offerings, and improve customer experience. Although the traditional insurance business model has stayed resilient for a long time, digital transformation has certainly evolved from being a futuristic concept to becoming the top priority for senior leadership’s strategic mandate.
Service providers are responding to these demand themes by collaborating with insurers to build and evaluate Proof Of Concepts (POCs), develop customized solution offerings, and test use cases in innovation labs / Centers of Excellence (CoEs). As insurers evolve their product development ideology from a “one-size-fits-all” approach to an “on-demand hyper-personalized” approach, service providers are looking to enhance upstream consulting and downstream implementation capabilities to position themselves as an end-to-end player and become a strategic partner of choice for enterprises in their digital transformation journey.
In this research, we analyzed the capabilities of 24 leading IT application service providers, specific to the global insurance sector. These providers were mapped on the Everest Group PEAK MatrixTM, which is a composite index of a range of distinct metrics related to each provider’s vision & capability and market impact. In this report, we focus on:
- The landscape of service providers offering application services to insurance enterprises
- Assessment of service providers on several capability-related dimensions
- Characteristics of Leaders, Major Contenders, and Aspirants on the Everest Group Insurance Application Services PEAK Matrix™
- “Star Performers” of 2018, providers with the strongest forward movement over time
- Implications for insurance buyers and service providers
Scope of the analysis
- Market trends and activity for IT application services in insurance firms
- Insurance Application Services PEAK Matrix&trade
- characteristics Insurance application service provider characteristics
Content
This report analyzes IT application services in the global insurance sector (L&P, P&C, and others including reinsurance and Takaful insurance):
- Insurance application services trends and their implications for key stakeholders
- Everest Group Insurance Application Services PEAK Matrix 2018
- Star Performers on the Insurance Application Services PEAK Matrix 2018
- Insurance application services demand themes:
- Profiles of insurance application service providers
Membership
This report is available to members.