Tag: service providers

Guidewire Services PEAK Matrix® Assessment 2024

Guidewire Services PEAK Matrix® Assessment 

In 2023, the Property and Casualty (P&C) insurance industry progressed in digital transformation, prioritizing platform modernization to meet evolving business and customer demands. In this landscape, Guidewire was pivotal for insurers seeking to update their core systems. Thus, enterprises are optimizing operational efficiency, scalability, and customer engagement through flexible and interconnected system architectures.

In response, providers are improving their Guidewire expertise to align their services with modern P&C insurance requirements. The emphasis is on developing proficient talent pools, enhancing cloud integration strategies, and reinforcing data analytics capabilities to support complex migration and implementation processes. Additionally, they are expanding across growth markets, building local capabilities, adopting geo-specific strategies, and improving offshore capabilities for cost-effectiveness.

Guidewire Services

What is in this PEAK Matrix® Report

In this report, we analyze 28 Guidewire service providers featured on the Guidewire Services PEAK Matrix® Assessment 2024.


Contents: 

In this report, we share::

  • An assessment of 28 leading Guidewire service providers on Everest Group’s Services PEAK Matrix® evaluation framework
  • Characteristics of Leaders, Major Contenders, and Aspirants in the Guidewire services market
  • Detailed profiles of the providers, along with their key strengths and limitations
Scope:
  
  • Industry: insurance, financial services
  • Geography: global

GUIDEWIRE SERVICES PEAK MATRIX® ASSESSMENT 2024

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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

Winning Commercial and Solution Sizing Approaches in Technology Sourcing Deals | Webinar

On-demand webinar

Winning Commercial and Solution Sizing Approaches in Technology Sourcing Deals

The economic environment is currently uncertain due to concerns around inflation and geopolitical instability in parts of the world. As a result, enterprises are pushing service providers to deliver more while keeping costs static or even lowering them.

Providers can differentiate themselves through a mix of efficient solution sizing, which involves the best use of granular market insights, continuous service improvement levers (including generative AI impact), balanced risk-taking to do more with less, and competitive underlying rates.

In this webinar, Everest Group’s pricing experts discussed some of the true differentiators observed on recent deals and the outlook for these approaches.

What questions did the webinar answer for the participants?

  • What selection criteria have enterprise clients prioritized in recent IT outsourcing deals?
  • What are the price and solution sizing themes that land well in terms of win rates?
  • What are the pitfalls that enterprises and service providers should be mindful of?

Who should attend?

  • CIOs, CTOs, CDOs
  • IT executives and strategy leaders
  • GBS leaders managing IT outsourcing contracts
  • Pricing leaders
  • Solutioning leaders
  • Large pursuits or large deal leaders
  • Sales leaders
Arora Achint
Partner
Gupta Prateek
Vice President
Sharma Abhishek 1
Managing Partner
Shukla Vinamra
Practice Director

Life Sciences Regulatory and Medical Affairs Operations PEAK Matrix® Assessment 2024

Life Sciences Regulatory and Medical Affairs Operations PEAK Matrix® Assessment

The evolving regulatory landscape poses significant challenges for life sciences enterprises. Enterprises struggle to navigate complex compliance frameworks, stay updated with emerging regulations, and manage diverse geographical requirements, all vital for achieving regulatory compliance and securing market access. As a result, enterprises are seeking providers with specialized knowledge and technology expertise to efficiently manage these intricate regulatory landscapes. In response, providers are enhancing their capabilities and offerings by investing significantly in technology. They are expanding their portfolios to include innovative tools and platforms to streamline regulatory processes. Additionally, to provide enhanced value and accessibility, providers are increasing their global presence by establishing localized support networks to cater to the nuanced requirements of diverse markets.

Life Sciences Regulatory and Medical Affairs Operations

What is in this PEAK Matrix® Report

In this report, we assess 20 providers featured on the Regulatory and Medical Affairs Operations PEAK Matrix®. Each profile offers a comprehensive picture of the provider’s key strengths and limitations.


Contents: 

In this report, we:

  • Position the providers on Everest Group’s PEAK Matrix® as Leaders, Major Contenders, and Aspirants
  • Compare providers’ capabilities and market shares
  • Assess providers’ key strengths and limitations
Scope:
  
  • Industry: life sciences
  • Geography: global
  • This report is based on Everest Group’s annual RFI process for calendar year 2024, interactions with leading regulatory and medical affairs providers, client reference checks, and an ongoing analysis of the regulatory and medical affairs Business Process Services (BPS) market

LIFE SCIENCES REGULATORY AND MEDICAL AFFAIRS OPERATIONS PEAK MATRIX® ASSESSMENT 2024

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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

Strategic Sustainability Partnerships: Aligning Objectives for Long-term Impact | Webinar

ON-DEMAND WEBINAR

Strategic Sustainability Partnerships: Aligning Objectives for Long-term Impact

Access the on-demand webinar, delivered live on May 30, 2024.

Sustainability has emerged as a critical imperative across industries amid growing concerns about climate change, resource depletion, and social inequalities. As enterprises near their commitment deadlines, they are looking to partner with leading sustainability enablement service providers for their tech, industry, and ESG domain expertise.

Sustainability enablement service providers offer instrumental solutions; however, knowing which provider to choose can be complex. Enterprises need partners who can not only address their immediate sustainability needs but also align with their long-term strategic objectives.

Watch this webinar as our sustainability experts presented the detailed profiles and capabilities of twenty-five sustainability enablement technology and services providers featured on the Sustainability Enablement Technology Services PEAK Matrix® and key trends to follow.

What questions has the webinar answered for the participants?

  • What are the key challenges enterprises face across geographies and industries in their sustainability journeys?
  • What are the demand themes in the market that sustainability leaders across the globe are following to accelerate their path to building purpose-driven organizations with sustainability at the core of all business operations?
  • What are the key trends shaping the sustainability enablement services market?
  • Who are the leading service providers, and what capabilities should clients assess to identify the right service provider for their organization?

Who should attend?

  • CEOs, CIO/CTOs, COOs, CPOs, Chief Sustainability Officers
  • Global sustainability heads
  • Head of climate and sustainability services portfolios
Dwivedi_Arpita
Practice Director
Kini Ambika
Senior Analyst
Soni Rita B
Principal Analyst for Sustainability and Impact Sourcing

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  • The PEAK report is scheduled to be published early May

The Future of the Wealth Management Industry: The S-curve Shift and the Modernization Opportunity | Blog

The wealth management industry has evolved over the years, transitioning from reputation-driven models to technology-led advisory services. Read on to uncover how wealth management firms can develop a digital blueprint to navigate the next digital frontier and better serve their clients in an increasingly hybrid and personalized landscape. Get in touch to discuss further.

In our earlier blog, How Technology Can Help the Wealth Management Industry Navigate Coming Changes in 2023, we discussed how digital disruptions will impact the wealth management industry and the role technology and service providers can play in helping wealth management firms navigate the choppy waters ahead. Continuing with our two-part blog series in the wealth management space, this blog will touch upon how this industry has transitioned through the different eras and how we are now on the cusp of a new digital future. The current question is, what will the digital blueprint be to help wealth management firms be better prepared for this new normal?

Wealth management eras – is the industry undergoing another S-curve shift?

The wealth management industry has witnessed several s-curve shifts in the past and has evolved from being a reputation-driven business to a technology-led advisory model. We are now witnessing the next inflection point, moving from persona- to person-based personalization through the hybrid trust model. The initial journey of the wealth management industry was about family-based offices and reputation-driven businesses. It was all about having the right intimacy with the client, nurturing the exclusivity, and delivering that strong advisory model. It was driven by large systems of records, but experience remained bespoke and in-person.

After this era, the wave of customer expansion hit with the emergence of mass affluent customers. It became less about serving HNIs and UHNIs and more about capturing the mass affluent segment that demanded access to similar asset classes and WM strategies as HNWI and institutional investors, which led to the rise of robo-advisory models to democratize access to these services. Enterprises wanted to serve this new segment better in a cost-effective model that could help them meet their margin targets as well. This led to rapid technological disruption in the wealth management industry and pushed us into the digital advisory model that we are currently in. We saw this in the case of UBS in late 2022 with the launch of WE.UBS, a digital wealth platform for mass affluent clients in China in partnership with technology provider Tencent.

Currently, we can see that enterprises are focusing on developing a hybrid trust model. In this model, they utilize emerging technologies such as AI to transform end-to-end customer journeys and give their clients access to new products such as digital assets, ESG-linked investments, and overall financial wellness services. This could be seen in action a couple of years ago when HSBC introduced HSBC Prism Advisory in Asia, blending face-to-face and digital interactions in private banking. This service leverages BlackRock’s Aladdin Wealth™ technology, combining data analytics with HSBC advisors’ expertise.

Another notable example is when Citi announced its plan last year to utilize AI as a tool to simplify and automate procedures, enabling private bankers to dedicate more time to client service.

Slide1 2

However, the top-of-mind questions are “Are we nearing the end of this era?” and “Is there a new world order coming for the wealth management industry?” This space has already seen a rapid expansion of products to cater to different customer segments, but now enterprises need to provide assistance to customers in navigating the buying experience while creating trust in a model that is now both human and digital. The wealth management industry has multiple siloed channels where the human-assisted channel enables great advice, but as soon as it moves to digital channels, the level of experience starts getting non-uniform and disjointed. Customers often talk about a lack of contextualization as they interact on such channels.

Psychographic segmentation – can it fix what is broken?

Hyperpersonalization has become one of the key focus areas as wealth management firms are trying to drive competitive differentiation in the current macroeconomic landscape. The emerging client segment, comprising of millennials and Gen Z investors, expects tailored services as per their preferences and values seamless experiences across both digital and human advisory channels. In light of these demands, we see the approach towards hyper-personalization shifting from demographic-based to a more psychographic-based segmentation.

Slide2 2

 

Enterprises are now moving away from utilizing broader aspects such as age, gender, occupation, and location to create different personas and are utilizing individual personality traits such as lifestyle, attitudes, beliefs, interests, and values to create unique experiences for clients. This strategy promises to be especially effective in captivating and retaining young investors, a highly desirable client demographic poised to emerge as a lucrative segment amid the intergenerational transfer of wealth spanning diverse geographic regions. To embark on this journey, HSBC recently partnered with a European consulting firm, Zühlke, to revamp its mobile wealth management services for UK clients. Zühlke’s experts conducted a study on the investment preferences of British customers, providing insights that enabled HSBC to tailor its services to better meet their needs.

To excel in this approach, enterprises must possess the necessary technology to seamlessly monitor, acquire, and leverage customer data in real time, empowering them to dynamically create personalized experiences with agility and scalability. They need to establish trust with their customers so that they feel comfortable in sharing this private personality traits-related data, which can eventually lead to personalization-led value creation and drive customer delight. In late 2023, Morgan Stanley announced plans to roll out a gen AI bot for its HNWI clients that will provide functionalities such as summarizing a meeting, drafting a follow-up email for suggested next steps, updating the bank’s sales database, scheduling a follow-up appointment, and acquiring knowledge to aid advisers in managing clients’ finances, covering aspects like taxes, retirement savings, and inheritances.

Future of wealth – can the roots of a modular core system power the tree of wealth?

As enterprises embark on this experience innovation journey, it is important for them to have the underlying technology stack to support the industrialized delivery of these data-driven experiences at scale. Currently, they are facing challenges in establishing digital workflows as most of them still have the legacy architecture consisting of Excel spreadsheets and siloed data systems, which makes streamlined data management and analysis difficult.

They are increasingly looking at leveraging cloud-based data management systems that can help them optimize their IT infrastructure costs and improve their ability to process structured and unstructured customer data in real time and at scale. We also saw that a few months ago, Northern Trust collaborated with Finbourne Technology, a UK-based data solutions provider, to adopt its cloud-native data management solution. This partnership aims to modernize Northern Trust’s technology by offering cost-effective and scalable data calculation and processing, enabling near real-time delivery of valuations and other crucial data to clients.

Integrating the cloud into their business and technology operations will also help them roll out new features quickly and keep up with the constantly changing customer demands. In this process of driving data and intelligence in their operations, one of the key focus areas for enterprises is prioritizing and sequencing this migration of workloads to the cloud across the various elements in the wealth management value chain. They want to identify the quick wins that would have the maximum impact while having lesser complexity associated with the transition.

Slide3 2

The wealth tree, as seen in the graphic, is what we believe the future of wealth would look like. The fruits and leaves represent wealth for end customers by creating customer delight through innovative products and personalized experiences. This was seen in action in early 2024 when Kinecta Federal Credit Union announced a strategic partnership with cloud-based wealth management solutions provider FusionIQ to enhance its digital investing services by leveraging the platform’s features, such as digital advice, self-directed investing, and other financial well-being solutions. Also, in 2023, J.P. Morgan partnered with TIFIN to launch TIFIN.AI, aiming to accelerate AI-powered fintech innovation in wealth management. This initiative includes using AI for client portfolio insights for advisors, alternative investing, workplace wealth management, and insurance, among other applications.

In this world of personalized experiences, customers want to feel trusted and safe with wealth enterprises as they enable these multi-channel experiences. They want customers to be able to invest in alternative assets and grow their wealth as wealth management enterprises orchestrate all of it.

As enterprises think about this, they want to be compliant and provide a secure and protected environment. There is a need to have a core system that is modular, composable, and automated. There needs to be a lot more API enablement, which can be continuously optimized in terms of the infrastructure and the applications that are running on top of it. To industrialize the data-driven personalization engine, the core system needs to enable it in a trusted, safe, and secured manner so the security aspect becomes paramount. The two big enablers to this journey will be running operations and having data on the cloud.

In the journey to build out this wealth tree, all ecosystem players, from wealth managers and technology providers to service providers, will have a role to play and a different journey to traverse.

We would be interested to hear about your journey in this evolution. Please feel free to reach out to Ronak Doshi, [email protected], Kriti Gupta, [email protected], or Pooja Mantri, [email protected] to discuss further.

Watch the webinar, Transforming to Thrive: Building Winning Operating Models Amid Disruption Across Industries, to learn how enterprises should think about disruptive changes as they go about their transformation agenda.

Are Investors Right to Be Nervous about CXM Providers? Well, It Depends! | Blog

Generative AI (gen AI) is transforming the customer experience management (CXM) landscape, challenging traditional contact centers. While concerns about declining revenues and increased costs are valid, many traditional methods, like human interaction, are still needed for complex customer issues. Read on to discover strategies to improve CXM provider success in a technology-driven market. Reach out to discuss this topic in depth.

Over the last 12+ months, we have seen a massive drop in the stock performance of nearly every publicly traded customer experience management (CXM) service provider. This has mainly been driven by nervousness in the market about how generative AI will impact the need for contact centers, especially in the way they are operated today, which is very reliant on vast numbers of people.

In this blog, I will explain why, in answer to the question, “Are investors right to be nervous?” I give the very vague answer of “It depends.”

The possible impact of generative AI on traditional contact centers and CXM providers

Firstly, we need to understand what could be causing some of the angst among investors, and full disclaimer: I am not positioning myself as an expert investor. There may be very technical reasons why investors are right to be nervous, but I am looking at it as someone who has bought contact center services for some of the world’s leading brands and has a good understanding of how this environment works.

Let’s explore the ways gen AI or next-gen technology could impact traditional contact centers and CXM providers:

  • Traditional contact center businesses have been successful in building large workforces and real estate portfolios, and there is an expectation that the use of technology, brought to large-scale attention by the hype around gen AI, will dramatically reduce the need for humans and, in turn, the need for large real estate portfolios. This assumption means that service providers will have dramatically increased exposure to their real estate costs and will see their main source of revenue, i.e., humans, reduced or removed completely
  • Therefore, the revenues of the impacted service providers will decline over the coming years as more customer interactions are handled by technology, making the companies operating in this space less attractive, if judged on revenue performance alone
  • There is constant talk about new entrants to the CXM market and how a pure technology play, for example, Conversational AI, much improved by the use of gen AI, could replace the need for human interaction, therefore giving birth to a whole new set of CXM providers who only bring technology. This, if true, would have a dramatic impact on traditional players

Any sensible person looking at the factors I have outlined above would be right to be nervous about the future of traditional contact center players. However, this would be missing a few key factors often overlooked or at least given less priority than the concerns. Some of these factors include:

  • People still want to talk to people at times of high stress or when they perceive the problem as complex or emotive. Despite the rapid rise of technology aimed to reduce the amount of human interaction in the contact center, such as robotic process automation (RPA) or Conversational AI (CAI), which has been around for many years, over 70% of service provider revenues are still coming from the voice channel. This proves customers still want to talk to people, and even with the inclusion of gen AI, the shift to non-voice channels is not going to happen overnight
  • When having a negative outlook for traditional contact center players, it assumes that they are standing still and doing nothing to embrace the new technologies, which is totally incorrect. Most of the leading CXM service providers we assess as part of our CXM PEAK Matrix © Assessment are investing heavily in a wide range of technologies that will improve the customer experience and reduce the need for human-assisted contacts, but also, and equally as vital, allow support agents to be more effective and efficient, therefore reducing total cost to serve for customers
  • Many providers, mainly since the pandemic, have already been working hard to reduce their real estate exposure driven by the increased use of work-at-home models (which have reduced since the pandemic abated but are still very prevalent in certain markets)
  • Additionally, we know from recent research that enterprises are increasingly looking to service providers to support them in deploying technologies such as gen AI. These providers bring a high degree of domain expertise and understand customer’s problems, and therefore, are best placed to deploy solutions using the latest technologies. This will present additional opportunities for providers who can demonstrate capabilities in this area

So why did I say it depends? I strongly believe that CXM service providers can thrive in this new market but need to embrace a new reality, which includes working hard in a number of areas.

Strategies for enhancing CXM provider success in a technology-driven market

  • Build solutions that address business problems – This entails not just the generic “reduce cost” or “improve CSAT” but real business challenges where CX can drive significant change in the business metrics
  • Demonstrate differentiation – With a large percentage of the market trying to move away from the traditional moniker of a “call center provider” and trying to demonstrate a shift toward digital solutions; it is important that they demonstrate, not just tell, the story of how they are solving real business problems for their customers by bringing together the power of their people with the available technologies to offer the best solution for the customer
  • Build strong technology partner ecosystems – Partnerships allow providers to deliver technology solutions across the customers’ journey – this includes, of course, the use of LLMs and gen AI, but can be as simple as having solutions in place to improve the employee experience or to provide timely insights through analytics. Most buyers want their providers to be able to bring an end-to-end solution and are no longer just looking for a provider that can only provide people. Humans, supported by and, where possible, improved by technology, are the type of solutions customers are demanding. Those that are pivoting in this direction can continue to grow their customer base
  • Develop flexible delivery models – Providers should leverage work at home as well as other sources of talent (GIG and Impact Sourcing, to name just two) to meet the changing demand both in terms of when support is needed and the type of skills that are required
  • Build commercial models that allow both parties to benefit from efficiencies – Commercial models should go beyond the traditional per FTE, per transaction, or per minute models and allow buyers to visualize and, more importantly, realize the value that a more efficient operating model can deliver
  • Use technology to solve operational challenges – This helps operations run smoother and more efficiently. While using all the technology available to resolve a customer’s issue is an obvious application, those providers that will thrive in the future will also be investing in technologies and skills within their organization that address operational challenges most effectively
  • Develop a culture that recognizes that revenue is not the only metric – While important, it is more impactful to focus on the margin of the work because as a business deploys more technology-led solutions, the revenue may decline, but the business that replaces it should be more profitable
    • This will also require a total evaluation of how people are rewarded within the business to recognize the value of deploying solutions that may bring lower revenue but provide a better and longer-lasting business benefit
  • Be forward-looking when it comes to skills that will be required in the future – Build location and talent strategies that will provide the talent required for the future in order to maximize the benefits available from a human and technology model
  • Develop strong account management disciplines – We know from recent studies that when there is limited differentiation in the market, as there is in the CXM space, the one deciding factor that tips a decision in the service provider’s favor is the strength of their account management
  • Use the technology to improve the employee experience (EX) as well as CX – Leverage the available technologies to remove mundane and frustrating tasks from employees, allowing them to focus on value-adding work. We all know that happy agents deliver a better experience

In summary, I am not pessimistic about the future of the CX arena. We know that the markets tend to overreact in the short term to new stimuli, gen AI in this instance, and underreact in the longer term, and this could be the same.

Will every provider in this space today be successful in three years? Probably not, but the size of the CXM environment (we estimate it to be well over US$330 billion, including insourced and outsourced activity) represents an excellent opportunity for those businesses that can evolve and meet the fast-changing needs of customers.

Unlocking Revenue Potential: Service Provider Strategies for Tools/Accelerator Monetization | Blog

IT service providers are increasingly exploring monetizing their proprietary software tools and accelerators as independent products. This strategic decision can create new revenue streams and differentiate providers. While these accelerators offer numerous benefits, they face challenges in gaining client acceptance. In this blog, we explore the pricing strategies for accelerators and discuss five crucial factors that providers need to consider to maximize the value of their assets. Contact us to explore further.

IT service providers have invested heavily in developing homegrown intellectual properties and proprietary accelerators, tools, and software solutions that have demonstrated impactful results and value creation for clients.

Many providers are now actively pursuing monetizing these assets as standalone offerings. TCS and HCL have created subsidiaries, TCS Digitate and HCLSoftware, respectively, focusing on software and accelerator monetization.

Suppliers have developed software solutions used in different phases of the technology development lifecycle (build, quality assurance, run, modernize, and transition/transformation). Some examples are TCS Ignio and Mastercraft, Infosys LEAP and Nia, Wipro Holmes, and HCL Tech Advantage.

Let’s delve into the opportunities and obstacles service providers face in this pursuit.

Challenges to asset monetization

Despite the money-making potential, success has been limited for various reasons. Some of the primary factors we have observed contributing to this shortcoming include:

  • Internal challenges – Difficulties with legal and procurement process delays in maintaining and executing separate license agreements for these accelerators
  • Post-implementation challenges – Issues related to continued support and maintenance requirements of the accelerators, particularly after the end of services Statement of Work (SoW) term, and the ongoing need for product innovation and marketing investments
  • External challenges – Struggles with low revenue and profitability from product licenses

How accelerators are sold

Let’s take a look at the two ways accelerators are sold:

  • Bundled with services: Service providers frequently include accelerators in their solutions and position them as key differentiators. These accelerators are bundled with services within the provider’s scope and delivered to the customer. This model is preferred when:
    • The accelerator adds value to the existing services offered
    • Customer preferences and market trends show demand for all-inclusive solutions
  • Licensing models: Licensing models can be structured as follows:
    • One-time fee – Service providers propose that customers use the capabilities of their accelerators for a one-time fee
    • Recurring fee/subscription-based – Charging the customers for accelerators through recurring monthly or annual fees is another prominent commercial model

In addition to the one-time/recurring fee, some providers charge for professional services separately. This model is preferred when:

    • The accelerator addresses specific pain points with a standalone solution
    • Customers seek flexibility and independence in using the product

While service providers ultimately aspire to move toward standalone licensing for accelerator monetization, bundling with services is currently the more dominant model. Providers tend to leverage services to grow the reach and mindshare of their accelerators through bundling.

Service providers typically provide the costs of these assets separately in deals where external advisors are involved or where the client’s procurement function is mature. There is a growing emphasis among service providers to focus on asset-led models, with many expecting high asset revenue growth in the coming years.

Research findings

To unlock the value that service providers can realize through their asset and accelerator monetization, we conducted detailed research to understand the key areas that providers must consider.

Here are five key insights from our research:

  1. Positioning: Providers position assets as “investments” in some deals until a predefined threshold is met. This strategy helps to increase the penetration of their specialized accelerators and tools in a client’s ecosystem. The provider then starts charging for these assets when the client has consumed services proportionate to the initial investment
  2. Value proposition: Providers tout numerous benefits for clients using their accelerators, including increased productivity, streamlined costs, reduced rework, automation of routine tasks, instant simulation, end-to-end incident remediation, predictive failure, and proactive decision-making
  3. Fee amortization: The period over which the accelerator fee is charged is determined by its share of the total contract value (TCV). For deals where the share of accelerator fees is minimal, the accelerator fee is charged in the first year. Conversely, the duration is longer when the share of the accelerator’s fee in the overall deal value rises
  4. Return on investment (ROI) articulation: ROI articulation is critical to reinforce the client’s confidence and willingness to invest in accelerators. ROI in the 2.5 to 5 times range has been observed in large deals covering services across the technology development lifecycle
  5. Sales channel: Service providers use different sales channels to increase sales of their assets, including leveraging channel partners, independent software vendors (ISVs), the third-party marketplace, and, in some instances, their subsidiaries

As service providers move towards establishing alternate revenue streams through their accelerators, the observations in this blog will help move them toward devising a robust accelerator monetization strategy.

Everest Group collaborates with leading global and Indian service providers to help identify suitable commercial model(s) and pricing strategies for tools and accelerators. To discuss software solutions and accelerator monetization in more detail, contact Rahul GehaniUdit Maheshwari, and Manan Arora or email us at [email protected].

Insurance Intermediaries Services PEAK Matrix® Assessment 2024

Insurance Intermediaries Services

Amid evolving market dynamics, the insurance intermediary sector is transforming significantly. There is a noticeable shift toward prioritizing digitization and adopting advanced technologies to drive change, especially amid the challenging economic landscape and ongoing market consolidation. Additionally, with the emergence of risks associated with climate change and cyber threats, intermediaries are expanding their role beyond traditional risk placement to become strategic advisors. They leverage data-driven insights to offer proactive risk management solutions to clients.

As the insurance intermediary segment adapts to this evolving landscape, there is a growing trend of forging partnerships with providers to optimize costs, access technical capabilities, and tap into talent expertise. Concurrently, providers are actively investing in digital capabilities, partnering with InsurTech companies, and enhancing collaboration with intermediaries through a consultative approach.

Insurance Intermediaries Services

What is in this PEAK Matrix® Report

In this report, we assess 15 insurance intermediary Business Process Services (BPS) providers and position them on Everest Group’s PEAK Matrix® framework as Leaders, Major Contenders, and Aspirants. Each profile offers a comprehensive picture of the provider’s vision, delivery capabilities, market success, and key strengths and limitations. The report also examines the global insurance intermediary services market and its provider landscape. The study will assist key stakeholders, such as insurance intermediaries, service providers, and technology providers, to understand the current state of the insurance intermediary BPS market.


Contents: 

This report features 15 insurance intermediary service provider profiles and includes:

  • Providers’ relative positioning on Everest Group’s PEAK Matrix® for insurance intermediary services
  • Providers’ market impact
  • An evaluation of providers’ vision and capabilities across key dimensions

Scope:

  • Industry: insurance intermediary services
  • Geography: global
  • In this report, we only cover vertical-specific insurance intermediary operations and have omitted horizontal business processes, such as Finance and Accounting (F&A), HR, procurement, and contact centers

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Cloud Services Price Benchmarking Catalog

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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Navigating the CXM Outsourcing Landscape: A Comprehensive Guide for First-time Outsourcers | Webinar

on-DEMAND WEBINAR

Navigating the CXM Outsourcing Landscape: A Comprehensive Guide for First-time Outsourcers

What are the key considerations when choosing a customer experience management (CXM) outsourcing partner for the first time?

Watch this insightful webinar on navigating the outsourcing landscape, led by our experts Divya Baweja, Practice Director, and David Rickard, Partner. They discussed the potential benefits and risks of outsourcing the CXM function and outlined best practices and key considerations to make when taking this step.

Attendees gained insights into CXM outsourcing during early maturity stages and came away with strategies for the effective selection of suitable outsourcing partners from our leading experts in this field.

Additionally, service providers received an overview addressing the unique requirements of first-time outsourcers.

What questions did the webinar answer for the participants?

  • What are the benefits and risks associated with outsourcing in the early maturity or first-time stages?
  • What are the best practices for selecting the right outsourcing partner?
  • How can a service provider address the unique demands of first-time outsourcers?

Who should attend?

  • Customer experience leaders
  • Chief customer officers
  • SVP Customer Experience
  • Heads of Outsourcing
  • Procurement Managers
  • Contact center leaders
Baweja Divya
Practice Director
Rickard David
Partner
Kumar Santhosh
Aniruddha edited

How can we engage?

Please let us know how we can help you on your journey.

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