INTRODUCTION

During 2013-2014, BFSI buyers remained under pressure to increase revenue, enhance customer experience, reduce costs, replace legacy systems, and meet regulatory requirements. In order to address these challenges, the majority of insurance buyers focused on transforming themselves by increasing investments in next-generation technology themes such as social media, mobility, big data & analytics, and cloud computing. This was primarily targeted at enhancing customer experience, while simultaneously trying to reduce operational costs, better manage risk, and improve shareholder returns.

At the same time, service providers in the BFSI-Application Outsourcing (AO) space ramped up their capabilities by building scale, investing in latest technologies, and developing/acquiring Intellectual Property (IP) / proprietary solutions. Further, they also focused on forming alliances that allowed them to undertake and deliver large-sized annuity AO engagements.

The insurance AO market witnessed the dominance of offshore majors in prime geographies (such as North America) and regional players in specific geographies (such as Latin America and Europe). The competitive intensity in the insurance-AO services space is at an all-time high. As a result, it is becoming difficult to differentiate service providers based purely on delivery capability. It is, therefore, critical to have a comprehensive, well-rounded, and fact-based assessment of each service provider's insurance-AO value proposition. Everest Group has assessed the capability and market success of 22 insurance AO service providers and has mapped them on the Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix, which is a composite index of a range of distinct metrics related to a provider’s capability and market success.

In this research, we present detailed profiles of 22 service providers featured on the insurance AO PEAK MatrixTM. Each service provider profile provides a comprehensive picture of their insurance AO service suite, scale of operations, domain investments, publicly-announced transactions, and delivery locations.

SCOPE

This report includes detailed profiles of the following 22 service providers:

• Insurance AO PEAK Matrix Leaders: Accenture, Cognizant, IBM, and TCS
• Insurance AO PEAK Matrix Major Contenders: Capgemini, CGI, CSC, HCL, HP, IGATE, Infosys, L&T Infotech, Mphasis, Syntel, Tech Mahindra, Virtusa, and Wipro
• Insurance AO PEAK Matrix Emerging Players: Dell Services, Hexaware, Mindtree, NIIT Technologies, and Softtek

CONTENTS

• General overview of the provider’s business, services, clients, and financials
• Highlights of the provider’s assessment across the PEAK Matrix dimensions – scale, scope, domain investments, delivery footprint, buyer satisfaction, and market success
• The provider’s insurance AO-related domain investments, including proprietary solutions, acquisitions, alliances, and partnerships
• Publicly-announced transaction activity by the provider in the insurance AO domain during 2010-2014
• AO delivery footprint of the provider in offshore locations