Life and Pensions (L&P) Insurance BPS State of the Market Report 2021: Insurers’ Complex Journeys to Simplification

COVID-19 significantly disrupted L&P insurers’ manual and paper-based operations and compelled them to transform their operations. With most businesses starting to return to normalcy in 2021, insurers are accelerating their digital transformation to improve operational resiliency, risk management, customer engagement, and financial strength. To achieve various strategic priorities under this call to action, many insurers are also increasingly turning to an outsourcing ecosystem to institute strategic relationships and co-create for innovation.

In this research, we provide a comprehensive picture of the key investment trends in the L&P insurance outsourcing market across various dimensions. The analysis is based on Everest Group’s annual RFI process, interactions with leading L&P insurance Business Process Service (BPS) providers, interactions with buyers, and our ongoing coverage of the L&P insurance and services market.